Bitrabo Editorial
A well-known economist and Bitcoin skeptic, Peter Schiff, has stirred up controversy once again with his recent remarks mocking BTC. In a post on X (previously Twitter), Schiff presented a sarcastic scenario where all companies in the US sell off their assets to invest in Bitcoin, leading to a wealth explosion.
Schiff’s Provocative Statement: Sell Everything, Invest in Bitcoin
In his scathing X post, Schiff outlined a hypothetical situation in which US public companies shut down, lay off employees, and liquidate all assets to acquire Bitcoin. He suggested that if this theoretical event unfolded, Bitcoin could reach a valuation in the millions, causing a surge in US stock market capitalization and wealth for all.
Responding to this hypothetical, a member of the crypto community pointed out that Bitcoin holders would benefit while Schiff might not. Schiff, however, argued that his investments in US oil stocks would also prosper in this scenario, countering the critique.
Schiff emphasized the impracticality of such a narrative, highlighting that although wealth might increase, the lack of goods and services would lead to an unsustainable situation with no ownership.
Schiff’s remarks are in line with his ongoing criticism of the digital currency market. He has a history of dismissing Bitcoin and urging investors to consider other assets like gold and stocks.
Crypto Enthusiast Predicts Bitcoin’s Upward Surge
Despite Schiff’s skepticism, Bitcoin has been hovering below the $68,000 mark. A crypto investor known as ‘The Bitcoin Therapist’ expressed optimism about Bitcoin’s future value in a recent X post.
The crypto investor revealed expectations of a significant upward trend, foreseeing a substantial price increase in a single green candle soon.
Emphasizing that the current market undervalues Bitcoin, the investor pointed out the cryptocurrency’s consolidation over two months amid strong buying pressure. At present, Bitcoin is trading at $67,570, as per CoinMarketCap data.
The Bitcoin Therapist remains certain of a potential breakout, predicting a rapid and substantial surge once Bitcoin surpasses the $75,000 mark. Expressing peak confidence in Bitcoin, the investor foresees a positive momentum for the cryptocurrency.