Pakinomist – Peter Schiff, who is pretty much synonymous with his outspoken skepticism towards (BTC) and cryptocurrencies in general, might not seem like the obvious person to indirectly spark interest in digital assets. But the financial expert recently responded to a challenge from a follower who questioned his accuracy, especially as Bitcoin hit a new all-time high of around $110,000.
The message was clear: “You’ve been wrong about everything for over 15 years. Why is anyone still listening to you?” Schiff’s response offered an interesting take on why some people, even if they disagree with him about Bitcoin, still find value in his views.
He said that while he has been wrong about Bitcoin, he has been right about many other things in the financial world. Schiff says his track record of getting things right — 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 insights and trusted his overall understanding of the financial markets, even if they didn’t agree with the expert’s thoughts on cryptocurrency.
What if…
You might think it’s a wild guess on Peter Schiff’s part, but there is actually something to be said for it.
Given how much of a gold advocate he has been all along, and the fact that the cryptocurrency is viewed as “digital gold” by many, including Fed Chair Jerome Powell, anything Schiff attributed to the precious metal in terms of inflation could 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.
