Bitcoin price’s volatility continues as the crypto fluctuates between $88,000 and $92,500. It is currently edging closer to the anticipated $100,000 mark. However, Bitcoin skeptic Peter Schiff has reignited debates with his pointed critiques of the digital asset, casting doubt on its long-term viability. Moreover, he raised concerns of a potential Bitcoin crash and even tried instigating HODLers to sell their BTC.
Peter Schiff’s Last Strike Before Bitcoin Price Hits $100,000
Schiff took to X to argue against the notion of holding Bitcoin as a sound investment strategy. He wrote, “The only way that millions of people can pretend that nothing is something, then pretend the nothing is worth trillions of dollars, is by refusing to sell it. If #HODLers refuse to sell their #Bitcoin, what have they achieved? Pretending to be rich is not the same as being rich.”
A user challenged Schiff’s analogy by pointing out that gold would face similar issues if everyone sold their holdings. They asked, “If everyone sold all their gold, how much would gold be worth?” Schiff responded by emphasizing gold’s intrinsic utility. He said, “Gold is used in lots of industries and is a key component of many goods. So everyone wouldn’t sell and decide they no longer wanted any of the goods that require gold.”
The only way that millions of people can pretend that nothing is something, then pretend the nothing is worth trillions of dollars, is by refusing to sell it. If #HODLers refuse to sell their #Bitcoin, what have they achieved? Pretending to be rich is not the same as being rich.
— Peter Schiff (@PeterSchiff) November 19, 2024
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Such comments are seen as a part of Schiff’s strategy to deter Bitcoin price from touching $100,000 anytime soon. However, the BTC community and HODLers reiterated their confidence in the crypto and refused to cash in profits.
Is Trump’s Presidency a Threat?
Schiff also took aim at Bitcoin’s role in solving macroeconomic challenges. He critiqued former President Donald Trump’s suggestion that Bitcoin could help address the U.S. national debt. “Candidate #Trump said the U.S. could wipe out the national debt by handing our creditors a little #Bitcoin. But the debt is owed in dollars. The U.S. would have to sell its Bitcoin first, then use the proceeds to pay off the debt. The mere prospect of a sale would crash Bitcoin,” he warned.
This remark sparked a counterargument from a Bitcoin advocate, who noted, “No, if Bitcoin price goes up, then the assets vs liabilities of the government would be more equal. You don’t have to sell btc.” However, Schiff maintained his stance. He replied, “You can’t pay off the debt in Bitcoin. It must be paid in dollars. So they must be sold first to be of any use to repay the debt.”
On the contrary, despite Schiff’s efforts to spread FUD in the community, the Bitcoin price remains resilient. As of writing, the BTC price gained 0.48% $92,481 on Tuesday, November 19.
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