Peter Schiff Admits Bitcoin IS Profitable But Can’t Compete With Fiat
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The well-known naysayer and hater of bitcoin, Peter Schiff has once again come out to talk about the leading cryptocurrency. This time, it seems to be a positive thing though…
The well-known financial figure has said that holding cryptocurrency is actually a profitable action. Despite this, he does admit that it will never compete with regular fiat currency such as the United States dollar.
Writing a tweet earlier this week on the 18th of February, Schiff accepted that the cryptocurrency is a successful investment. He further added:
I concede that anyone who bought #Bitcoin 10 years ago and sells it today will make a lot of money. But I never said the price of Bitcoin could not rise. I only said that Bitcoin would never succeed as money. Nothing that has happened over the past 10 years has proven me wrong!
Many Twitter users were not one for completely agreeing with the investor. One of the responses was the bitcoin from the travel agency, TravelbyBit who said “#Bitcoin has succeeded as money.”
Earlier this year he was unable to get the password to his bitcoin wallet back after he assumed the worst.
The bitcoin naysayer has continued his hatred of the cryptocurrency and noticeably became angered when he thought his holdings were lost forever.
Furthermore, in more recent news investor said that the TV host Max Keiser refused to debate with him on a recent episode of Infowars. This was after Keiser predicted the leading cryptocurrency would reach $400,000 sooner rather than later.
It will be interesting to see how this plays out.