Economist Peter Schiff ridicules Bitcoin in a sarcastic post, suggesting US firms sell assets to buy Bitcoin, highlighting the absurdity of the crypto market.
Renowned chief economist and Bitcoin critic Peter Schiff is again in the news with his latest offensive remarks ridiculing cryptocurrency. In a sarcastic post on X (formerly Twitter), Schiff outlined a wild scenario in which US firms sell off all their assets to invest in Bitcoin, making everyone wealthy.
Peter Schiff Says to Buy Bitcoin and Sell Everything
In his harsh X article, Peter Schiff outlined a fictitious scenario in which every publicly traded company in the US would entirely cease operations, dismiss every employee, and liquidate all of their holdings. He even suggested that these businesses purchase Bitcoin with all of the proceeds from the transaction.
Peter Schiff claims that in such a case, the market capitalization of US stocks will rise, making everyone extremely wealthy, and the value of Bitcoin might reach millions of dollars.
In response to the fictitious situation, a crypto community member stated that Schiff would not become wealthy, but all Bitcoin holders would. Schiff retorted that he would also profit from the situation because he has significant holdings in US energy equities, which he believes will soar in value if US corporations sell their holdings and acquire Bitcoin.
He underlined the story’s absurdity even more, pointing out that even if everyone became wealthy, there would be no products or services, and nobody would own anything.
Schiff’s caustic comments go back to his history of criticizing the unpredictability and ridiculousness of the cryptocurrency market. The Chief Economist has been a well-known critic of Bitcoin for years, frequently making fun of the cryptocurrency and its proponents while advising investors to choose other investment options like gold and stocks.
Crypto Investor Expects Bitcoin to Soar to the Top
Despite Schiff’s typical hostile remarks regarding Bitcoin, the digital currency has steadily accumulated below the $68,000 barrier. “The Bitcoin Therapist,” a cryptocurrency investor and ardent advocate of BTC, recently posted on X with an optimistic prediction for the value of Bitcoin in the future.
The cryptocurrency trader revealed that Bitcoin is poised for a significant upswing, projecting a $10,000 to $20,000 spike in a single green candle at any given time.
He points out that the cryptocurrency has been consolidating for over two months despite intense purchasing pressure and that the market is undervaluing BTC. According to CoinMarketCap, the price of Bitcoin is currently trading at $67,570.
The Bitcoin Therapist is optimistic about a possible breakout despite the market’s volatility, stressing that BTC’s next prominent and quick blow-off peak would occur quickly. He also mentioned that more incredible upward momentum for the cryptocurrency is anticipated after BTC breaks above the $75,000 price barrier. Never have I been so optimistic. The cryptocurrency investor said, “I’m at an all-time high for Bitcoin and an all-time low for cash.
