CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$49,887.00
  • ethereum
    ETH$1,658.25
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » Peter Schiff: Bitcoin Is Not Money But Yes, It Can Rise

    Peter Schiff: Bitcoin Is Not Money But Yes, It Can Rise

    Author: George Georgiev

    Last Updated Feb 18, 2020 @ 06:43

    Peter Schiff is a popular economist, financial broker, and a recognized author. He’s also a well-known nocoiner who has bashed Bitcoin for quite some time now. In one of his latest tweets, however, he conceded, saying that the cryptocurrency can, indeed, rise in value, despite failing to serve its purpose as money.

    Peter Schiff Concedes On Bitcoin

    Peter Schiff is one of the most recognized nocoiners in the cryptocurrency field. For quite some time now, he has done everything he can to dismiss Bitcoin’s inherent benefits, claiming on multiple occasions that it can’t possibly serve its purpose as money or a store of value.

    Most recently, Schiff said that Bitcoin’s price would never reach $100,000. Naturally, a price of $100,000 per bitcoin would mean a market capitalization upwards of $1.8 trillion, which, at the time of this writing, seems a lot. But, then again, a market cap of $180 billion also seemed a lot a few years back.

    In a new tweet, Schiff admitted that he never said that the price of Bitcoin couldn’t increase. In fact, he even said that he concedes and that anyone who bought BTC 10 years ago and sells it now will make a lot of 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!

    — Peter Schiff (@PeterSchiff) February 17, 2020

    Yet, he keeps his main stance and continues to believe that Bitcoin “would never succeed as money.”

    Is Peter Schiff Right About Bitcoin?

    Well, for once, it’s undeniably true that if people continue to measure Bitcoin for its USD value, then the cryptocurrency still has a long way to go until it becomes a medium of exchange.

    Bitcoin was envisioned as a “peer-to-peer electronic cash system,” meaning that its main designation was to serve as scarce, immutable, and censorship-resistance internet money. So far, Bitcoin is mainly used for speculation. People aren’t buying it to spend it but to make more fiat out of it.

    On the other hand, however, this brings another exciting quality of Bitcoin. Namely, this is its ability to serve as a store of value. In its relatively brief history, Bitcoin’s price has increased astronomically. This has caused a lot of people, including the Chairman of the US Federal Reserve, Jerome Powell, to consider it as a store of value, similar to gold.

    … we haven’t seen widespread adoption. Bitcoin is a good example. Really, almost no one uses Bitcoin for payments. They use it more as an alternative to gold, really. It’s a store of value, it’s a speculative store of value, like gold. – Said Powell.

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • bubble
      Bitcoin is The Biggest Bubble Ever, Says Peter Schiff... Again
    • peter_schiff
      Bitcoin Skeptic Peter Schiff's Bank Investigated for Allegedly Serving Top Criminals
    • bitcoin_present
      Not Possible With Gold: Peter Schiff Asks for Bitcoin Gifts for His Son's Birthday
    Read more on: Bitcoin Peter Schiff

    About The Author

    George Georgiev View more posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

  • bitcoin
    BTC$49,887.00
  • ethereum
    ETH$1,658.25
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    pionexb
    2local
    Bitcoin Editorials
    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    The Laser Eyes Meme: Not a Coincidence That This Marked a Local Top for Bitcoin (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    What Are the Risks of Governance Tokens? (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    The Bitcoin Bubble Effect: Yes, We Are in a Very Early Stage (Opinion)

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Will Bitcoin Price Rally Continue In 2021? 8 Key Considerations

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!