Peter Schiff is an internationally recognized economist and strategist. The crypto skeptic believes Elon Musk played a key role in pushing bitcoin (BTC) to $70,000 by 2021. Find out how the Tesla boss back then would have pulled off such a feat.
Elon Musk causes BTC to rise with just a photo
Peter Schiff made an interesting point about BTC’s rise in 2021. He said the crypto could climb to $70,000 thanks to a post from Elon Musk. This last one is a photo published in 2020 at a time when BTC was trading around $10,000. At the time, the Tesla boss posted a tweet noting that one person was unable to decide whether or not to invest in cheap crypto.
For the crypto skeptic strategist, it’s funny to see Elon Musk posting the same photo now that BTC is trading around $16,000. In addition, on November 18, 2022, Schiff declared on Twitter : “Bitcoin is down just 1% today. The Grayscale Bitcoin Trust is down 7%. […] Maybe GBTC lost some or most of its bitcoins. The market points to a major problem. It’s not good for bitcoin“.
That being said, Schiff has a habit of mocking bitcoin’s price performance (BTC) on the market. He often compares crypto to gold, indicating that the latter is more valuable. It must be said that gold has had an easier time than bitcoin lately in maintaining a positive value in the market. The flagship crypto has also bottomed out this year.
For Peter Schiff, bitcoin has no intrinsic value
The least we can say is that Peter Schiff is not a fan of crypto, let alone bitcoin (BTC). He demonstrated this well during an interview in June 2022. He then stated: “You can’t do anything with bitcoin except hold it“.
Recently, the strategist reaffirmed his position on BTC. He said the crypto is doomed, pointing out that it has no intrinsic value. In his view, it cannot be a store of value or have any real-world use.
For Peter Schiff, bitcoin has no real use for humanity, unlike cryptos like Ethereum. Indeed, the strategist claims that the latter could succeed in establishing itself in the market with its ecosystem.
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Far from dampening my enthusiasm, a failed investment in a cryptocurrency in 2017 only added to my enthusiasm. I therefore decided to study and understand the blockchain and its many applications and to pass on information about this ecosystem with my pen.