Peter Schiff admits Bitcoin investment is profitable, but it will not be as successful as money

Cryptocurrencies backed by Chinese gold will lower the price for Bitcoin

Peter Schiff - a famous figure who hates Bitcoin (BTC), has acknowledged that holding cryptocurrency is profitable - but claims it will "never" compete with fiat currencies.

In one tweet On February 18, Schiff - known as a fierce Bitcoin critic and long-time gold supporter, "acknowledged" that the cryptocurrency for the past 10 years was a successful investment.

Schiff: BTC investors "make a lot of money"

"I admit that anyone who bought #Bitcoin 10 years ago and sold it today would make a lot of money," he wrote.

“But I never said Bitcoin price cannot go up. I just say that Bitcoin will never be as successful as money. In the past 10 years, nothing has come out that proves me wrong! ”

After retrieving the wallet password he thought was lost, Schiff is now the holder of about 0.4 BTC, as a result of a fundraising campaign to benefit him last year.

Although the comments against Bitcoin have not ended yet, Schiff seems to have been angry at the time when he thought that his BTC would disappear forever.

Meanwhile, his complaint received very little sympathy from Twitter users. Bitcoin-friendly travel company, TravelbyBit, is one of the participating accounts.

“#Bitcoin has been as successful as money,” the company write.

Schiff also to speak added that the presenter RT Max Keiser refused to argue with him in this weekend episode of the Infowars news review show. As Toiyeubitcoin reported, Keiser took this opportunity to "officially" change its Bitcoin price outlook from $ 100,000 to $ 400,000.

Beat gold in your own game

As Saifedean Ammous emphasized in his famous book, "The Bitcoin Standard," in terms of specifications, Bitcoin not only possesses the three essential properties of money, but it is far more efficient. with fiat.

Bitcoin's fixed supply, which cannot be manipulated, raises Bitcoin's descriptions as "digital gold," something Schiff has long failed to deny.

The idea that Bitcoin could soon occupy the market of all physical gold reserves in the world is still a hotly debated topic.

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According to CoinTelegraph
Translated by ToiYeuBitcoin


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