Peter Schiff, a well-known bitcoin pundit and gold advocate, caused a stir in the cryptocurrency community with a recent tweet suggesting that the last crypto party is coming to an end soon.
Shiv thinks party will end soon
On Twitter, Peter Schiff, CEO of Euro Pacific Capital and a prominent critic of Bitcoin (BTC) and cryptocurrencies, shared his thoughts on the recent rise in highly speculative investments, which includes bitcoin. Schiff’s tweet caught the attention of the cryptocurrency community, as he has been known to be skeptical of digital assets for a long time.
Observers were surprised by his comment, considering that the billionaire had previously indicated his intention to launch a non-fungible token (NFT) collection on the Bitcoin blockchain. The news, which he announced with artist Market Price, sparked discussions within the cryptocurrency community. Even Changpeng “CZ” Zhao, CEO of Binance, expressed his excitement about Schiff’s apparent shift in perspective towards cryptocurrencies.
However, Schiff quickly made it clear in response to CZ that he had not joined the bitcoin bandwagon. He asserted that the value of digital collectibles lies in the art itself, with its authenticity guaranteed by the NFT.
Schiff acknowledged the potential importance of NFTs, which means they could have added value if his negative stance on Bitcoin were proven wrong.
(embed) https://www.youtube.com/watch?v=_MEh236YH_E (/embed)
Schiff doesn’t see anything good about encryption
Schiff’s recent comment is not the first time he has doubted the future value of bitcoin and digital assets. A few months ago, Schiff said that bitcoin would crash one day.
The statement came after a Twitter user playfully reminded him of his predictions in 2017, where he claimed that bitcoins would become worthless when one BTC was worth only $5,000.
At the time of writing, Bitcoin is trading at $30,600