Peter Schiff is a gold merchant and a crypto permabear. He spends a lot of time on Twitter lambasting Bitcoin and the rest of the crypto space. Peter Schiff has been at it for a very long time.
Peter Schiff's role is best captured by these memes:
Why would I say such a thing? Wouldn't it be better if the whole world converted into Bitcoin true believers right now? Ok. Then what? How long do you think would such a mania have potential to last? When the bubble burst, do you think it would have any chance of recovery?
Besides, nothing in this world works that way. There will always be naysayers and critics. Everything novel and not immediately obviously useful but ultimately deemed valuable has gone through trials and tribulations. It is simply human nature not to accept anything right off the bat. Many years ago, Michael Saylor, who is probably the most bullish rich person in Bitcoin, was a Bitcoin skeptic. It is only through a dialogue between believers and skeptics and an ongoing back and forth of arguments pro and con anything novel will be adopted.
Thanks to the FUD, the strongest and the most deserving hodlers will end up with the largest stacks. Those people will be the firmest possible foundation.
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I like Schiff. I really do. But his blindness when it comes to crypto is simply astounding.
He's a gold merchant. His product is Bitcoin's competition.
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I don't think they are significant competitors, though. They serve different, albeit slightly overlapping, markets. It's not even like saying gold and silver compete, and that is also a bad argument.
Well, that may be true but I'm guessing that's the way Schiff sees it.
!BBH
Well said, Schiff is fantastic at being critical of bitcoin, I've never seen such determination...
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Yeah, Peter Schiff is very dogged. :D
I think it's a calculated move to attain free publicity.
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Great memes, thanks for this, needed a laugh.
So you're saying we need some non-believers out there! I guess they have their place in balancing the metaverse.
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Yes, they're indispensable!
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