Even Crypto Asset Hating Peter Schiff Admits He’s Now Holding Bitcoin
You know what is an undeniable proof that Bitcoin has really become mainstream now and that even its haters are starting to cave in? Peter Schiff, a well-known Bitcoin skeptic, has recently admitted that he holds BTC.
He is a veteran gold bug and Bitcoin hater has accepted delivery of $1,350 USD worth of BTC recently. It all started when he was warning investors that Bitcoin could not substitute gold, which started a discussion with Morgan Creek Digital’s Anthony Pompliano.
During the discussion, Pompliano affirmed that Schiff may badmouth Bitcoin, that he held BTC. Schiff had to admit. He was gifted around $100 USD in BTC, so he just kept it. After that, Pompliano decided to gift him with more $100 USD.
As it generally happens on crypto Twitter, other people entered the bandwagon and donated money to Schiff as well. In total, he now owns 0.124 BTC (around $1350 USD) after receiving 52 transactions from Bitcoin supporters.
Peter Schiff thanked the community and affirmed that he would “have to hodl it and go down with the ship” now. This was a pretty stark contrast with his previous stances on the matter. For instance, he recently debated with Saifedean Ammous, the author of The Bitcoin Standard, a famous BTC book.
During the debate, he affirmed that the value of BTC is only useful because you can sell it. Every person buying it must know that they need to sell it in order to have a real value later. This means that even in a bull run, you are thinking about selling the asset.
This is not completely true. Several BTC holders simply accumulate more and more BTC and let it gain value. They believe that the price will rise in time and that people will use it for everything in the future.
Some people have even speculated that Schiff is accumulating Bitcoin now and that he only is against it in order to make prices go down so he can buy more. Obviously, there is no credibility to these claims.
Is Schiff turning coat now? While he’s not exactly the most anti-BTC person in the world and his site, Schiff Gold, offers BTC as a payment method, he generally is against BTC, especially as an alternative to gold. We’ll have to wait and see his opinions now that he has a stake in how BTC is doing.