Peter Schiff, the CEO of Euro Pacific Capital, stubbornly claims that he was right about Bitcoin for an entire decade despite the enormous price gains that the leading coin brought to its early adopters.
In his fiery tweet, Schiff calls Bitcoin's price action 'irrelevant' since it still doesn't function as money, thus channeling Ray Dalio's view on crypto.
"I was right that it's not money, as it's neither a medium of exchange nor a store of value," he tweeted.
As reported by U.Today, Schiff turned into a ferocious Bitcoin bear as early as in 2011 when BTC was trading at just $31, a far cry from its current price of $8,455. The gold bug adopted a skeptical approach to BTC early on, predicting that it could become a fad and nobody would want it.
Since Schiff's radio interview, BTC skyrocketed by more than 27,000 percent, which means that those who listened to his advice potentially missed out on a once-in-a-lifetime chance to earn millions of dollars.
Those investors who were provident enough to convert at least 100 grams of gold into BTC at the start of the decade, could have ended up with eight tons of the yellow metal in only ten years. Not bad for a fad!
Digressing from Bitcoin's price action, Schiff recently exposed his complete lack of understanding of how Bitcoin works. As reported by U.Today, the critic, who loves to say how he knows more about crypto than anyone else, lost access to his wallet after mistaking his password for a PIN (and failing to record his seed phrase).
This is not something you would accept from someone who allows Bitcoin to live rent-free in his head.
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