Bitcoin bear Peter Schiff has taken to Twitter to voice more scorn on Bitcoin, this time taking aim at the irony of the price dropping while Grayscale Investments reportedly buying more than 100% of all newly minted bitcoins.
Never a day goes by that Gold bug expresses his contempt for Bitcoin and the crypto space in general, and now he’s claiming the Bitcoin whales are finally unleashing their BTC on Grayscale’s naive speculators.
Schiff claims that despite the fact institutional investment trust buying more than all newly minted Bitcoin, the price drop proves the bitcoins are shifting from strong hands to weak.
It’s no surprise that Schiff jumped on his own bandwagon to “prove his point.” He’s really turned into a broken record, and as some responded to his latest outburst: “You’re boring, Peter.”
Kraken Director of Business Development Dan Held was quick to respond with a timeline detailing Peter’s Bitcoin opines, below:
But why is Peter so against Bitcoin? He’s a libertarian, and believes in hedging against government failures, but he’s stuck on gold, and can’t seem to grasp Bitcoin
Or is it because he has so much to lose if Bitcoin shaves some of gold’s market cap? Whatever the reason, nobody hates on Bitcoin as much as Schiff the Biff.
Pete Schiff Will FOMO into Bitcoin at $50k
But Max Keiser believes a $50k price tag will see Peter change his tune and FOMO in.
The host of The Keiser Report, who has repeatedly advised his army of followers and anyone willing to listen to buy Bitcoin since it was $1, is adamant that Schiff and other will buy Bitcoin.
It wasn’t just Schiff on the receiving end of Keiser’s tweet storm. Billionaires Mark Cuban and Jim Rogers, both of whom have spoken out against Bitcoin, were targeted by Keiser, who said all three Bitcoin sceptics ‘represent a huge pent-up Bitcoin buying demand.’
‘When they finally understand it, they’ll go all-in with huge buys. I 100% guarantee this to be the case.’
They Simply Don’t Get It?
And while Keiser has a point, it’s hard to understand how all three don’t understand Bitcoin. Surely they have a team of financial and tech experts around them to ensure they don’t miss out on anything they don’t get.
So what is it they don’t get? Jim Rogers is an old man. Fair play, he doesn’t need to care, and he’s set in his old ways. He even believes China is going to become the next global reserve currency. Ok, Jim, you’ve done well, had your time, but that’s a step too far.
Mark Cuban is obviously a forward thinker, and hasn’t been completely critical of Bitcoin, but he seems to be self-distancing from Bitcoin at a time when you might think the leading cryptocurrency makes more sense.
As for Peter Schiff, he definitely gets Bitcoin’s necessity as a hedge against government failures, but he’s simply all in on gold. Gold is at the heart of his empire and anything that might weaken that, he’s vehemently against it.
Author: Tommy Limpitlaw