Peter Schiff, who is pretty much synonymous with his outspoken skepticism of Bitcoin (BTC) and cryptocurrencies in general, might not seem like the obvious person to indirectly spark interest in digital assets. But the financial expert recently responded to a challenge from a follower who questioned his accuracy, especially as Bitcoin hit a new all-time high of around $110,000.
The message was clear: "You've been wrong about everything for over 15 years. Why does anyone still listen to you?" Schiff's response offered an interesting take on why some people, even if they do not agree with him on Bitcoin, still find value in his views.
Gamza KhanzadaevHe said that even if he has been wrong about Bitcoin, he has been right about a lot of other things in the financial world. Schiff says that his track record of getting things right — like gold prices and broader economic trends — is what made a lot of people decide to buy BTC in the first place.
These people trusted his other insights and relied on his overall understanding of the financial markets, even if they did not agree with the expert's thoughts on cryptocurrency.
What if...
You might think this is a wild guess on Peter Schiff's part, but there is actually something to be said for it.
Considering how much of a gold advocate he has been all along, and the fact that the cryptocurrency is perceived as "digital gold" by many, including Fed head Jerome Powell, everything Schiff attributed to the precious metal in terms of inflation could be extrapolated to Bitcoin as the same financial tool.
In this case, Schiff's comments about inflation and how to save money when it is skyrocketing may have prompted some to buy Bitcoin.
Dan Burgin
Vladislav Sopov