U.Today – An X user boldly stated that the price will rise forever along with a hyperbolic chart, hinting that he is predicting an exponential growth for Bitcoin. The post attracted a lot of attention and many Bitcoin supporters agreed that the cryptocurrency has a bright future.
Peter Schiff, a well-known Bitcoin critic, quickly chimed in and said that posts like this are yet another reason to sell Bitcoin. As always, a lively discussion ensued following Schiff’s comment. In response, the original author shared an earlier tweet by Schiff from 2018 in which Schiff warned against buying Bitcoin at $3,800 and claimed that it could fall even further.
Needless to say, Schiff’s warning did not hold up well over time. In this case, the user implied that Schiff’s persistent opposition to Bitcoin might not always be backed by solid market research. Rather, the impression was one of attention-seeking or participation farming.
Schiff's repeated criticism of Bitcoin is not surprising. Over the years he has made a name for himself as one of the most outspoken critics of Bitcoin, consistently arguing that gold is a better store of value. But some people don't believe his criticism is based solely on reason or market knowledge. Rather, it appears that Schiff is leveraging Bitcoin's popularity to boost his social media presence.
What's interesting is that Schiff has acknowledged in the past that if he had known how the price of Bitcoin would change, he might have bought it. That begs the question: is Schiff's opposition to Bitcoin based on a sincere dislike or is it just a means to maintain his relevance in the ongoing Bitcoin vs. gold debate?
While his criticisms of Bitcoin continue to receive attention, people who ignored his advice in 2018 have reaped significant benefits. Regardless of whether Schiff is right or wrong, his comments always spark debate and it's hard to ignore Bitcoin's potential.
This article was originally published on U.Today
