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WATCH: Schiff Reveals What Price HE Would BUY Bitcoin At


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:

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.

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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