What Would It Take To Convince Peter Schiff To Invest In Bitcoin?

A lot of people including myself think very highly of Peter Schiff.

The legendary investor has been right about many things over the years, but as many of you know, he has a seething hatred for Bitcoin.

I previously reported on how Schiff would consider buying Bitcoin if it hit pennies on the dollar, but it seems like he is coming around—not in some major or seismic way, but in a way that suggests he is taking baby steps.

According to the latest reports, Schiff would consider investing in Bitcoin if it could show demonstrable cases as being used as a currency all on its own—without the help of The U.S. Dollar as its conversion base.

This is a far cry from “I’ll buy this if the price goes well below $1”, and to me it is a signal that Schiff is slowly but surely changing his tune when it comes to Bitcoin.

Schiff sat down with Anthony Pompliano to discuss all this and more:

New episode with @PeterSchiff is live!

He breaks down the latest inflation numbers, explains how the math is being changed, highlights why investors need to protect themselves, and then says what it would take for him to buy bitcoin.

Enjoy! https://t.co/ZBPjBV0t8f

— Pomp 🌪 (@APompliano) September 15, 2021

Peter Schiff: “No one in El Salvador will price things in #sats or #Bitcoin”

Merchants: hold my beer 🍻 #satsthestandard pic.twitter.com/azmWURueit

— Priced in ₿itcoin ∞/21M (@PricedinBTC) September 10, 2021

Crypto Slate explains exactly what Schiff means, and why El Salvador does not count towards his definition:

What does he mean by this? Simply put, the current convention sees the dollar as the base, with Bitcoin as the variable. So even if El Salvadorians are paying with Bitcoin, what they pay is at the dollar price converted.

For Schiff to change his mind, he must first see pricing in Bitcoin, and for $BTC to act as the fixed base with the dollar as the variable. In other words, Bitcoin must be dominant over the dollar in everyday settings of exchange.

Welcome to #Bitcoin #ElSalvador. Your national "currency" just lost over 15% of its purchasing power in under an hour. Get use to it. Just another perfectly orchestrated pump-and-dump by the Bitcoin whales. Too bad this time they had to sacrifice an entire nation to pull it off!

— Peter Schiff (@PeterSchiff) September 7, 2021

The idea that #Bitcoin whales deliberately tank the market to shake out the little guys to get their coins is nonsense. The whales don't want the minnows to sell, they want them holding and hoping and buying the dip. The whales want out. They're fishing for dollars, not Bitcoin.

— Peter Schiff (@PeterSchiff) September 7, 2021

Schiff recently said this about Bitcoin according to Crypto Potato:

“Clearly, I wish I had bought bitcoin when I first heard about it – that was a keen mistake. Could have I put $100,000 in it – yeah, I could have. I mean, I put $100,000 in other things that turned out poorly.

I could have been one of the bitcoin billionaires now, as obviously I knew about it early on. If I could go back in time, that’s one of the things I would do.”

Furthermore, Schiff also spoke about BTC’s potential price increases. He admitted that it’s entirely possible that it could go as high as $100,000 or even $1,000,000 per coin. However, he made it clear that the expanding price tag doesn’t mean that bitcoin is less of a bubble.

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