24 March 2023 15:15, UTC
Reading time: ~2 m
Economist and SchiffGold founder Peter Schiff mocked Bitcoin buyers in his recent tweet. However, Binance CEO Changpeng Zhao called him out in response claiming that Schiff lacks “introspection.”
Schiff’s tweet suggests that while Bitcoin buyers may be mistaken about their investment in Bitcoin, they are correct in their concern about the Federal Reserve and inflation. According to the tweet, many investors are not aware of the ongoing financial crisis, which could ultimately lead to a more significant currency and sovereign debt crisis.
While Schiff’s post concludes by lamenting the fact that Bitcoin investors did not choose to invest in gold instead of Bitcoin, Zhao pointed out,
You tweet more about #bitcoin than most people. Let that sink in.
Meanwhile, on the financial expert’s 60th birthday, the prominent critic of cryptocurrencies received a rebuke by his son, Spencer Schiff, as Schiff junior congratulated him. Despite his father’s negative stance on cryptocurrencies, Spencer Schiff, who is known to be pro-crypto, predicted that his father would possess a significant amount of Bitcoin in the next decade.
Although Peter Schiff remains skeptical about the future of Bitcoin, he has not completely ruled out the possibility of owning it. He believes that by the time he turns 70, Bitcoin may have collapsed, allowing him to sell one ounce of silver to purchase thousands of BTC, but he notes that it would be “just for kicks.” As of now, one troy ounce of silver is equal to 0.00082 BTC.
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