I was wrong about #Bitcoin.
— Peter Schiff (@PeterSchiff) April 1, 2021
Obviously, it was an April Fool’s joke, as Schiff himself explicitly stated today in a second tweet in which he says his mistake was that he assumed the bubble would not inflate as much, and that he underestimated that “so many otherwise smart people would be foolish enough to buy it”.
Surely, however, it does him no credit to publicly insult the hundreds of millions of people who have bought BTC, perhaps even with derisory sums of money in the logic of investing only what one is willing to lose.
In fact, this morning, in response to a post by Anthony Pompliano dedicated to the new breach of the $60,000 mark in the price of BTC, Schiff’s son replied with a tweet depicting his father in an astonished pose.
— Spencer Schiff (@SpencerKSchiff) April 2, 2021
Peter Schiff, his son and tweets about Bitcoin
By now, the attitude of Peter Schiff looks more and more like a crusade destined to fail, rather than a true objective criticism of an innovative financial asset that inevitably has its flaws, like any innovation.
The public clash with his son only highlights his anachronistic attitude, which makes Peter Schiff look like a boomer who no longer understands that the world is rapidly changing.
The fact is that in 2021 the price of BTC not only expresses considerable power, but has reached figures well above those of previous years. Moreover, for now, it does not hint at wanting to fall significantly.
In other words, if it were a bubble, one wonders why it has not burst yet.
The CTO of Bitfinex, Paolo Ardoino, commented on this dynamic:
“After a stellar performance in the first quarter that saw the king of crypto record an all-time high of US$61,700, bitcoin enters April leading a seemingly buoyant cryptocurrency market. Technical indicators suggest that bitcoin might repeat a pattern played out in previous halving cycles. Meanwhile, as PayPal’s recent announcement demonstrates, the inherent volatility of digital tokens is no barrier to their increasing use in payments. This rally could possibly herald bitcoin’s first meaningful encroachments into the legacy financial system and credit card industry”.