Renowned Economist Peter Schiff Mocks Bitcoin Believers In Scathing New Posts

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Renowned Chief economist and Bitcoin skeptic, Peter Schiff is making headlines again with his latest controversial statement mocking BTC. In an X (formerly Twitter) post laden with sarcasm, Schiff suggested a radical scenario where everyone becomes rich after companies in the United States sell off their entire assets to invest in BTC. 

Schiff Says Sell Everything, Buy Bitcoin

In his scathing X post, Schiff described a hypothetical scenario where all the publicly traded companies in the US completely shut down their operations, fire all their employees and sell off 100% of their assets. He went further to suggest that these companies use all the proceeds from the sale to buy Bitcoin

According to Schiff, if such a scenario occurred, the value of Bitcoin could be worth millions of dollars, and the market capitalization of the US stocks would soar, resulting in everyone becoming rich. 

Responding to the hypothetical scenario, a crypto community member clarified that all BTC holders would be rich, but Schiff would not. Schiff, however, countered by saying he would also benefit in the scenario, as he has made substantial investments in US oil stocks, which he predicts would skyrocket if US companies liquidate and buy BTC. 

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He further emphasized the illogicality of the narrative, noting that while everyone might become rich, there would be no goods and services available, and no one would own anything. 

Schiff’s sarcastic remarks continue his tradition of what he believes is the instability and absurdity of the digital currency market. The Chief economist has been a renowned Bitcoin critic for years, often mocking the cryptocurrency and its supporters, while also urging investors to opt for other investment alternatives such as gold and stocks. 

Crypto Investor Foresees BTC Blow Off Top

Despite Schiff’s usual antagonistic rhetoric about Bitcoin, the cryptocurrency has been consolidating slightly below the $68,000 threshold. A crypto investor and avid BTC supporter, identified as ‘The Bitcoin Therapist’ recently took to X expressing an optimistic outlook on Bitcoin’s future value.

The crypto investor disclosed that Bitcoin is getting ready for a major upward momentum, predicting a $10,000 to $20,000 increase in a single green candle any moment from now. 

He believes that the current market is significantly undervaluing BTC, highlighting that the cryptocurrency has been consolidating for over two months amidst substantial buying pressures. As of writing, the price of Bitcoin is trading at $67,570, according to CoinMarketCap. 

Despite the market’s volatility, the Bitcoin Therapist remains confident of a potential breakout, emphasizing that BTC’s’s next blow-off top would be swift and large. He also added that once BTC surpasses the $75,000 price level, more upward momentum is expected for the cryptocurrency. “I’ve never been more bullish. I’m at an all-time low for fiat and an all-time high for Bitcoin,” the crypto investor stated.  

BTC price fails to hold $70,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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