Bitcoin

Some Bitcoin Love: BTC Critique is Shown Love by the Crypto Community

Peter Schiff a veteran crypto dissident and a long time Gold bug just accepted delivery of bitcoins worth over $1,350 from different crypto enthusiasts after he admitted to holding bitcoin. Schiff who is well known across the world as a hard-core crypto dissident received BTC after his Twitter spat with Morgan Creek Digital Co-founder Anthony Pompilano.

The story started on Schiff’s twitter when Pompliano tweeted that despite his negative comments about bitcoin, Schiff does have some bitcoin in his wallet. To which Schiff responded with a statement saying that those bitcoins are just worth $100 and he received it as a gift.

Pomp then asked for his BTC address and offered to double it. Within a day, Schiff’s wallet contained almost 0.124 BTC amounting to almost $1,350 in today’s value. In total, Schiff received more than 52 donations from people all over the world. When his total was around $130, Schiff made a statement that we don’t hear enough from crypto dissidents. He said:

READ ALSO: Bitcoin Was Deeply Overbought, Pull-Back Below $10,000 is Healthy

This statement is a sharp contrast to his earlier statements on bitcoin, he has on occasions called bitcoin a replica of gold and considers it a tool designed to be an alternative to fiat currency that to a shady one. In a tweet about bitcoin’s current bull run he said:

It doesn’t matter how high the price of Bitcoin rises unless you sell. Every buyer must eventually sell to realize any benefit from the rise. But therein lies the problem. Once holders decide to cash out, the price collapses, wiping out paper gains before they can be realized!

Who is Peter Schiff?

Peter Schiff is a well-known investor, widely known as the guy who successfully predicted the 2008 Mortgage crisis and is a known crypto dissident and a big fan of gold. Schiff is the Chairman of Schiff Gold, the company which helps novice investors to invest in gold.

Schiff has been really vocal about bitcoin and has called it the “digital fool’s gold.” In an Interview with CNBC in 2017 he said about bitcoin just before the price peak started in mid-August:

“There’s certainly a lot of bullishness about Bitcoin and cryptocurrency, and that’s the case with bubbles in general. The psychology of bubbles fuels it. You just become more convinced that it’s going to work. And the higher the price goes, the more convinced you become that you’re right. But it’s not going up because it’s going to work. It’s going up because of speculation.”

READ ALSO: Bitcoin Price Will Reach $100k by 2021 – More Volatility Expected

Schiff in 2017 was also convinced that bitcoin is a bubble and its bull run during 2017 is sign of a scam. He said that bearish outlook on cryptocurrencies is due to a simple fact, that they are neither commodities nor money. He admitted that the solid performance of bitcoin as an asset is a good thing for the investor who is not in it for the long haul. And said about bitcoin:

“Even if you believe that cryptocurrency is going to work, how do you know that 10 years from now Bitcoin is going to be the one? If digital currencies can work, someone can come up with another one. And another one. And another. And another. There’s nothing special about Bitcoin that another cryptocurrency can’t replicate and improve on. Right now, Bitcoin is just the most popular because it was the first.”

Schiff may have been a little right about this, as on June 18th Facebook, one of the biggest tech company in the world partnered up with different companies and announced its very own cryptocurrency Libra, backed by Facebook and its partners.

READ ALSO: Even Bitcoin’s Boom/Bust Nature Has Zero Effect on Crypto Apps

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Shahzaib Zafar

Electrical Engineer, Crypto enthusiast, a tech nerd and a developer with a keen interest in blockchain, writes daily articles about bitcoin and cryptocurrencies for blockpublisher.

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