After losing the key to his Blockchain wallet and acknowledging his mistake, Peter Schiff said something good about Bitcoin: “I never said that Bitcoin would not increase in price”
As is known, Peter Schiff is known for speaking badly about cryptocurrencies. This time, the popular economist, financial broker and author said something positive about cryptocurrencies after a long time: “I never said that Bitcoin would not increase in price,” although he maintained that “he will not succeed as money.”
In a recent tweet, Schiff stated:
I grant that anyone who bought #Bitcoin 10 years ago and sells it today will make a lot of money. But I never said the price of Bitcoin could not rise. I only said that Bitcoin would never succeed as money. Nothing that has happened over the past 10 years has proven me wrong!
Peter Schiff: “I never said that the price of Bitcoin would not increase”
Earlier, Schiff had openly ruled out Bitcoin along with its benefits, saying on several occasions that it cannot fulfill its main purpose as money or as a store of value. Lately, Schiff said Bitcoin would never be valued up to USD $100,000 since this value is quite high.
For some media such as Cryptopolitan, the increase in Bitcoin to USD $100,000 would amount to a market capitalization of around USD $1.8 billion, an amount, according to the source, inaccessible to crypto. But Bitcoin currently has a value of around USD $180 billion that seemed previously unattainable.
Another point of view
Schiff’s statements could express that if crypto continues to measure its value in USD, much remains to be done to make it a traditional medium of exchange.
Currently, crypto holders do not buy to spend but to convert fiat at higher prices. However, the source adds, the crypto were created to be a peer-to-peer electronic cash system, so that it is a scarce, immutable and censorship-resistant money.
On the other hand, Bitcoin remains a good store of value in the sense that its price has continued to increase over time, causing many people to invest and believe in it.
Schiff owns BTC again
After recovering the password of the wallet he assumed he had lost, as well as assuming his mistake with the key to his Blockchain wallet, Schiff is again the owner of around 0.4 BTC, the result of a donation campaign in 2019.
While anti-Bitcoin rhetoric has continued since then, Schiff seemed remarkably angry during the time he thought his possessions had been lost forever.