Peter Schiff is STILL OFF the train!
The goldbug has a history of putting down Bitcoin and other cryptocurrencies as an investment. Schiff is as old school as they get, and I doubt he will be going in on BTC anytime soon.
Still, the legendary investor and macro economist revealed what price he would buy Bitcoin at.
Don’t hold your breath though, as Schiff says he would only buy BTC if the price sank well under $1.
He pointed out that $34,000 is just too much to spend on BTC, and he believes it to be extremely overvalued at this current level, and all subsequent levels surrounding it.
Even a price point of $3,000 seems to be too much for Schiff, and his opinions should never just be discarded as worthless, but I believe he is wrong about Bitcoin and crypto in general.
Schiff is a legend no doubt, but everyone is wrong at least once in a while. Perhaps this is Schiff’s biggest mistake to date.
Here’s what he had to say:
My conversation with @PeterSchiff is now on YouTube.
– monetary policy
– Billionaire status
This one was fun. Enjoy!https://t.co/IRdoGSp6zB
— Pomp 🌪 (@APompliano) July 13, 2021
You can't sell #Bitcoin to investors as being a store of value or safe haven, but also ask them to accept that at any moment their safe haven can lose 85% of its market value, but not to worry about the loss as Bitcoin will probably bounce back the way it always has in the past.
— Peter Schiff (@PeterSchiff) July 8, 2021
Crypto Slate detailed the interview between Schiff and Pompliano:
He’s waiting for the Bitcoin dip
This is a view he maintains across all cryptocurrencies, not just Bitcoin. But, in his mind, there is an exception to this rule – gold-backed cryptocurrency.
“But, if you have a digital currency that’s backed by gold and redeemable in gold, well then that’s fine, that’s great, I think that would work perfectly.”
When quizzed on what it would take for him to buy Bitcoin, Schiff said, at current prices, he wouldn’t want to waste his money.
“Right now, they’re like $33,000/$34,000, I wouldn’t want to waste $34,000 on a Bitcoin. I could buy a lot of other things with that money.
Schiff added that if the price of Bitcoin fell sufficiently, to less than $1, he might take the plunge and finally buy BTC.
Bitcoin continues to carve out the right shoulder of an ominous head and shoulders top pattern. If #Bitcoin takes out the June low, the market could easily collapse below $10K, especially if leveraged speculators are forced to sell. No one seems to acknowledge this possibility.
— Peter Schiff (@PeterSchiff) July 7, 2021
#Bitcoin is neither hard nor money.
— Peter Schiff (@PeterSchiff) July 13, 2021
The Motley Fool revealed that Schiff’s son is all in on BTC, but Schiff obviously disagrees with him:
Like many Bitcoin skeptics, the famous investor and commentator’s objection to Bitcoin is that it has no intrinsic value. He said, “At the end of the day, when you peel the onion and get to what’s really there, there’s nothing there.” Schiff says the only crypto he could get behind was one that was backed by gold.
Whether or not you agree about Bitcoin, his concern that his son has gone all in is well-founded. Schiff said he found it strange that many people on the internet are happy about the decision.
“They’re congratulating him for basically having no diversification whatsoever and for putting 100% of basically his personal net worth into a highly speculative and volatile crypto asset.”
He continued, “Even the people who believe in Bitcoin would not say that you should have everything you have in it. I mean, what if it doesn’t work out?”
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