An X user boldly declared Bitcoin is going up forever along with a hyperbolic chart, hinting at forecasting Bitcoin’s exponential growth. The post attracted a lot of attention and many supporters of Bitcoin agreed that the cryptocurrency has a bright future.
Peter Schiff, a well-known critic of Bitcoin, quickly weighed in saying posts like this are yet another reason to sell Bitcoin. As always, a lively discussion after Schiff’s remark occurred. In response, the original poster shared an earlier tweet from Schiff from 2018 in which Schiff cautioned against purchasing Bitcoin at $3,800 stating that it might drop even lower.
Needless to say, Schiff’s warning did not hold up well over time. In this instance, the user made an implication that Schiff’s persistent opposition to Bitcoin might not always be supported by sound market research. Rather the impression was one of engagement farming or attention-seeking.
Schiff’s repeated criticism of Bitcoin is not surprising. He has made a name for himself over the years as one of the most outspoken critics of Bitcoin constantly arguing that gold is a better store of value. But some people do not think his criticism is solely grounded in reason or market knowledge. Rather it appears that Schiff is leveraging the popularity of Bitcoin to increase his social media presence.
What’s interesting is that Schiff has acknowledged in the past that if he had known how Bitcoin’s price would change he might have purchased it. That begs the question: Is Schiff’s opposition to Bitcoin based on a sincere dislike or is it just a means of maintaining relevance in the ongoing Bitcoin versus gold debate?
Even though his criticism of Bitcoin keeps getting attention, people who disregarded his advice in 2018 have made significant returns. Whether Schiff is correct or not, his remarks always spark debate, and it is difficult to ignore the potential of Bitcoin.