Schiff Attempted to Clarify Previous Tweet Which Was Taken by Some as Endorsement
Peter Schiff has been around as a while in Bitcoin circles as a gold advocate and vocal critic of Bitcoin and cryptocurrencies. Schiff recently made headlines after claiming that his Bitcoin wallet got corrupted and he lost all of his holdings.
In a tweet posted yesterday, Schiff conceded the fact that early investors made profits. He also attempted to rectify criticisms by claiming he never said that Bitcoin's price won't rise, only that it will not succeed as money.
I concede that anyone who bought #Bitcoin 10 years ago and sells it today will make a lot of money. But I never said the price of Bitcoin could not rise. I only said that Bitcoin would never succeed as money. Nothing that has happened over the past 10 years has proven me wrong!â Peter Schiff (@PeterSchiff) February 17, 2020
This tweet was taken by many as an endorsement of sorts. This is one of the few times Schiff has given some form of back-handed compliments in a way by admitting that traders have profited.
Schiff later took note of this and released yet another tweet. In it, Schiff attempted to clarify his previous message. He claimed that those who buy Bitcoin today and sell 10 years from now will do so at a loss, unlike early investors.
Some Bitcoin promoters are deliberately misrepresenting my concession that anyone who bought Bitcoin 10 years ago and sells now will make money as an endorsement of buying #Bitcoin today. It is not. Those who buy today and sell 10 years from now will likely do so at a loss.â Peter Schiff (@PeterSchiff) February 18, 2020
Schiff's observation might be partially correct. Early investors in Bitcoin and most cryptocurrencies have made quite a bit of money. He is also correct with Bitcoin (BTC) not exactly being money, with transactions can be very slow at times. Many Bitcoin maximalists do not seem to mind BTC's transaction speed and prefer the "digital gold" narrative.
Perhaps cryptocurrencies that have faster transactions would gain his support. As for Schiff's price prediction, no one can be sure regarding Bitcoin's future price, the only thing that does seem certain is the decline of fiat currencies purchasing power.
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Written by Jonathan Ganor
Writer & cryptocurrency aficionado