Schiff’s Tweet received many comments rejecting his position, as users can decide when to buy or sell. He said he would not invest in the crypto asset right now, arguing it is risky due to the limited advantages and enormous disadvantages.
The price of Bitcoin (BTC) has been rising, making many critics reassess their predictions about it. In this case, Euro Pacific Capital CEO Peter Schiff refers to people not selling their Bitcoin now as idiots.
In a recent Tweet, the executive said he regretted not having bought Bitcoin when the price was much lower. That led him to make such an offensive comment, which could be quite the opposite as many analysts predict that it will reach USD 100,000.
Are Those Not Selling their Bitcoin Really Idiots?
Despite his wrong predictions, Euro Pacific Capital CEO Peter Schiff insists that people sell their Bitcoin holdings.
In his tweet, he made controversial comments in response to a post referring to his previous statements. He said that those not selling their Bitcoin are the true idiots.
However, Schiff admitted he would be an idiot himself if he did not regret buying Bitcoin when it was cheaper.
Of course, Schiff’s tweet received many comments from enthusiasts, who rejected his position. Since Bitcoin is a decentralized cryptocurrency, it does not depend on intermediaries, and users can decide when to buy or sell.
Peter Schiff Would Have Liked to Buy Bitcoin Before
Bitcoin critic Peter Schiff said that people spoke about the cryptocurrency when the price was below USD 10 per unit. He added that the concept behind it intrigued him very much.
He noted that no one had predicted that so many people would adopt it so widely. He said he had not imagined large companies or investment banks would get involved in the use of cryptocurrencies. Besides, he acknowledged he had been wrong to think that Bitcoin could become a bubble.
Although Schiff claims that he regrets, he said he would not invest in the crypto asset at this time. He argues that he is waiting for the market to lose value. He considers that buying now is risky since the advantages are limited and the disadvantages are enormous.
Schiff Could Have Predicted a Price of USD 100,000
Although Peter Schiff has said many negative things about Bitcoin, it has been among the best-performing crypto assets from its inception.
He reiterated that he would have like to buy Bitcoin when they first spoke to him about it. He stated that he would like to go back in time to invest USD 100,000 in it.
Schiff also predicted that the price of BTC could reach USD 100 thousand or even USD 1 million.
Bitcoin is trading at around USD 48,600 and has grown by 3% in the last seven days. Additionally, its market capitalization is about USD 923 million, According to CoinGecko.
The relevance of Bitcoin in the world economy has led analysts to make bold predictions about its price. Many have been accurate, thus proving that the cryptocurrency can reach all-time highs even in the most adverse situations.
By Alexander Salazar
