PK Press Club – Peter Schiff, who is pretty much synonymous with his outspoken skepticism of (BTC) and cryptocurrencies in general, might not seem like the obvious person to indirectly spark interest in the assets digital. But the financial expert recently responded to a challenge from a follower who questioned its accuracy, especially as Bitcoin hit a new all-time high of around $110,000.
The message was clear: “You have been wrong about everything for over 15 years. Why are we still listening to you? Schiff’s response offers an interesting insight into why some people, even if they disagree with him on Bitcoin, still find value in his opinions.
He said that while he was wrong about Bitcoin, he was right about many other things in the financial world. Schiff says his track record of doing good things – like gold prices and broader economic trends – is what made many people decide to buy BTC in the first place.
These people trusted his other ideas and relied on his overall understanding of financial markets, even if they disagreed with the expert’s thoughts on cryptocurrency.
What if…
You might think this is a wild guess on Peter Schiff’s part, but there’s actually something to be said for it.
Considering how much of an advocate he has always been for gold and the fact that cryptocurrency is seen as digital gold by many, including Fed Chief Jerome Powell, all Schiff attributes to precious metal in terms of inflation could be extrapolated to Bitcoin as the same financial tool.
In this case, Schiff’s comments about inflation and how to save money when it soars may have prompted some to buy Bitcoin.
