Influential economist and fierce Bitcoin BTC/USD critic Peter Schiff stated that his pessimism about the leading cryptocurrency may be proven wrong if it becomes a mainstream payment medium.
What happened: During a debate with Jack Mallers, CEO of Bitcoin startup Strike, Schiff indicated that broader adoption of Bitcoin as a payment alternative to existing fiat currencies might change his opinion, starting from something as basic as paying for a dinner at a restaurant with the digital coin.
“I can buy insurance policies, and they have Bitcoin benefits. I pay my premiums in Bitcoin. I get my benefits if rents are in Bitcoin. If everything is expressed in a quantity of satoshi, then I guess I was wrong. You were right. Bitcoin actually became money,”
But in the same breath, the naysayer pointed out that the apex cryptocurrency’s aforementioned use case has been gradually diminishing over the past few years, with supporters instead promoting its store of value thesis.
He added that he doesn’t find Bitcoin “exciting” anymore, despite the possibility of it reaching $100,000 in the future. “If I’m going to speculate, there are better bets to make than betting on a crowded trade like Bitcoin.”
See Also: Bitcoin Miner TeraWulf Leads Early HPC Market Entry, Analyst Projects $610M Revenue By 2026
Why It Matters: One of the most outspoken anti-Bitcoin voices on social media, Schiff has consistently opposed the asset class over the years, arguing that gold is superior to its so-called digital counterpart.
That said, in one of the interviews in March, he wished he bought the the world’s largest digital asset back in 2010, given its profit potential.
Last week, he questioned the business acumen of investors who chose Bitcoin exchange-traded funds over those tracking gold.
Price Action: At the time of writing, Bitcoin was exchanging hands at $55,116.82, up 1.43% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
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