Peter Schiff admits Bitcoin buyers are right about inflation, but not about crypto
Despite disagreements over their stance on Bitcoin (BTC), longtime BTC skeptic and CEO of Euro Pacific Asset Management, Peter Schiff, has acknowledged that Bitcoin holders still shared some of his views, particularly those on the Federal Reserve and inflation.
As it happens, Schiff emphasized that, in his view, most investors were largely unaware of the current financial crisis and “the much larger currency and sovereign debt crisis it will eventually become,” and that Bitcoin buyers have correctly recognized this, according to his chirping posted March 23.
In fact, the American stockbroker previously compared the current situation, which has already brought down several banking giants, to the financial crisis of 2008 and described it as a “sequel” that is going to be worse than its predecessor – the Great Recession.
“Should have bought gold”
On the other hand, he still believes they are wrong about Bitcoin and should have bought gold instead, to which Changpeng Zhao (CZ), CEO of cryptocurrency trading platform Binance, responded that Schiff was “so close” but missed ” that last little bit of introspection that *you* could be wrong about Bitcoin.”
Like CZ noted in his comment:
“You tweet more about Bitcoin than most people. Let that sink in.”
Interestingly, Schiff’s son Spencer took the opportunity to congratulate his father on his 60th birthday and beyond express his firm belief that the elder Schiff would “own a large amount of Bitcoin before you turn 70,” to which Peter replied that “Bitcoin will have crashed long before I turn 70,” adding that:
“But I guess on my 70th birthday I could sell an ounce of silver and buy a few thousand Bitcoins just for kicks.”
As a reminder, Spencer Schiff sold the last of his silver shares for cash and moved 100% of his financial portfolio into Bitcoin back in 2021, which forwarded to the public by his father, who called him “brainwashed” and said he “had until infinity or burst”.
Recently, Peter Schiff has predicted that global economies will one day shift from fiat currencies to digital alternatives, but reiterated his continued skepticism about Bitcoin, arguing that the flagship decentralized finance (DeFi) would not be able to become one of them, which Finbold reported.
