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Has Cryptocurrency Hater Peter Schiff Made U-Turn on Bitcoin?

Has Cryptocurrency Hater Peter Schiff Made U-Turn on Bitcoin?

Bitcoin has been around for more than 14 years, but there still isn’t a consensus among financial experts on whether BTC and other cryptos are a good investment. Still, it seems that the tide is turning in favor of cryptocurrencies, with a number of former “Bitcoin haters” doing a 180-degree turn.

Among those is Peter Schiff, who recently gave public support to the crypto community. He did, however, point out that he still has no intention of investing in cryptos, believing that “Bitcoin will have crashed” within the next 10 years.

Ex-BTC Hater Peter Schiff Comments Positively on Crypto Community

The three-time New York Times bestselling author Peter Schiff used to be one of the biggest critics of cryptocurrencies, but his recent comments suggest otherwise.

On his 60th birthday, he surprised the Bitcoin community by praising them in regard to their thoughts on the recent Federal Reserve actions. Schiff said leading crypto aficionados are right to think the government needs to pay more attention to Bitcoin to control inflation.

His comment has had more than half a million views on Twitter and was praised by a huge number of Bitcoin fans. Among those was his son Spencer, who’s a longtime crypto-head. While congratulating his father, Spencer jokingly predicted that by his 70th birthday, Peter would own a huge amount of BTC.

Peter responded by saying that he’s convinced that Bitcoin will crash within the next decade. He said that he would buy some cryptos just for fun, especially if his predictions come true. He replied to his son that he may sell an ounce of silver and “buy a few thousand BTCs just for kicks.”

Right now, one ounce of silver is equivalent to 0.00082 BTC, meaning that in order for Peter Schiff’s prediction to come true, Bitcoin’s price would have to plummet to the worst level since its inception in 2009.

Lee Jenkins

Lee is our resident cryptocurrency expert who knows the ins and outs of each coin and the blockchain technology behind them. You’ll find that most of our technical guides are written or overseen by Lee and they are all easily digestible by the new and experienced alike, so there is no better place to learn blockchain 101 than here. Occasionally you may see a news article from him if it’s tech related!