Topic: A long time ago, Peter Schiff said this... (Read 533 times)

He is rich from owning an investment firm which was involved in China and gold, both good prospects these past decades.   Bitcoin is still the new kid on the block comparatively even today its new (hence its not too late to buy etc.)  The themes he espouses are similar to his fathers who gave evidence to the Senate on the original 1970's change to the dollar gold standard so we are talking about as long term as you can do.  

I dont think the views are fake but its publicity, the X payments will cover lunch maybe but actually gaining an audience that match his investment thesis is invaluable no doubt.   Schiff also operates tradable funds I think, he was on the major finance channels for a long time one of the Fox hosts is an old school mate etc.

Correct but he isnt a trader.  Traders will just buy any ticket symbol which acts right on the graph, many times Ive heard them say they operate better if they got no clue what so ever what a company is actually doing they simply dont care and trade better for it.
  Thats not really what Schiff is based around, right or wrong he is going off fundamental opinions he had his whole life.     Buffet isnt any different, is he an idiot no but stuck in his ways and really not accepting of tech markets especially, sure that fits and I dont expect the person who holds that view their whole life to change.

Peter Schiff is a retard just like everyone who fails to understand that Bitcoin does not even have a mining algorithm that is designed to advance science.

Regards,

-Joseph Van Name Ph.D.

Imo, I consider everything he is doing right now to be damage control but when you take his statements about $100K Bitcoin in logical/literal sense, he lost. He said it wouldn't but it did — the why doesn't matter if he's wrong.

I think Peter Schiff is doing what he does simply because he missed a window to buy cheap bitcoin or he might even have some, nobody knows but the fact is that he was focused about being right rather than focus on making money.

Government or no government catalyst, he was wrong. That's something we can all agree on.

At this point he should be having nothing more to say, we already made it through $100K, the assumed price he felt was impossible to meet has now been laid to rest and now we are reseting our speculated ATH into something much more intriguing than before.

Let him have his words, since he said all this nothing changed and no negative influences on the market, whatever that was speculated keeps happening, now he might reckon to propose another numb idea on how impossible it will be for Bitcoin to hit $1M in the future.

Peter Schiff has been bashing Bitcoin for over a decade. If he’d just bought in 2012 and STFU he’d have multiple billions worth of $ in Bitcoin now.

Part of me thinks he just enjoys the X interactions. He’s a verified account, he gets paid for interactions by X. The more engagement he gets, the more he gets paid. He’s stinking rich any way, he probably just enjoys being the villain.

It's not just about bashing people who predict Bitcoin will hit $100k, which he encountered; anyone can do that, but not in the way he said it. It was with every certainty that he made the bold statement that Bitcoin will never reach $100k. 
 
I follow up with @PeterSchiff on X, and I see his post about Bitcoin. Even as we have seen $100k, he is still not convinced, as he has labelled that growth not to have been possible if not for government intervention, which he is literally referring to the US government and its president-elect.
 
His last statement this evening was that "at the end of the day, Bitcoin will destroy the dollar system because of the wrong choice of government to print more money in order to accumulate Bitcoin.

There are some people in the cryptospace who still criticize Bitcoin and speak against Bitcoin are actually complete idiots. How promising Bitcoin is and how high the price of Bitcoin can rise makes them regret every moment. Bitcoin's critics have been proven wrong time and time again.

Peter Schiff is a complete stubborn man. In 2019 he said on Twitter that Bitcoin will never touch $50k. Then Bitcoin proved him wrong by rising in price. Within two years of Peter Schiff speaking on Twitter, the price of Bitcoin had risen to an all-time high. The biggest increase in Bitcoin price was on October 20, 2021, when the price of Bitcoin touched .

Well, not anymore, there's chance that we might see Bitcoin over $100k in this very month and when that happens then Peter will surely use U-turn strategy to change his words.

He's still going to be skeptical and someone who doesn't believe in Bitcoin. But, we don't care anymore about such people.

$100k is nothing for bitcoin to achieve, even though it's taking forever to break that record. He has already seen that from his end that such a price is about to be reached.

$1M and above is what I'm not really certain about when such a price is going to be reached, not saying it's impossible for such a price to be reached, but I don't think he will be active enough when Bitcoin crosses that level. $1m and above is a big target that can't be reached in a hurry.

That's what that matters, what you know and what you believe in, not some stranger online saying something. Who is Peter Schiff that I should listen to him? And to prove even further, if I did, then I would have lost so much profit, so it's actually a good proof that nobody should listen to him, no reason for it.

Always listen to yourself and what you believe in, if you are wrong once, you will be right later on, I have made so many bad investments before crypto, and eventually with crypto I made some money and I lived a good life so far, there is no denying that we could have a decent life in crypto world and there are a lot of people like Peter who are just envying the life we are having and how easy it is to make money here.

Well, Peter Schiff used to be a big bitcoin hater, I am not sure if he is still the one, so it's normal for him to be wrong about bitcoin market. He is a gold dude, and with new generation putting more money into bitcoin than gold, that makes it hard for him to accept, plus even nations as big as USA tries to put bitcoin into reserves, and not many nations do that for gold anymore, so it is getting tougher for people like him.

I understand why this could be something troublesome for a gold investor, him hating bitcoin was reasonable. 100K was something nobody could foresee 5-6 years ago, which should be 'just another one' and it would not be all that crazy to think about but also wasn't the common expectation for bitcoin IMO.

I don't think that someone like Peter Schiff will ever support Bitcoin. He has been against Bitcoin and he'll remain as Bitcoin hater not a supporter. But, we Bitcoin community don't care much about someone's thoughts because for us Bitcoin is everything and even if someone hates it, we don't give any attention to such people, and someone's thoughts won't change the facts, and it's now a fact that Bitcoin is supported by many people who initially rejected it.

I don't think people should bash Peter for his negative comments and predictions about Bitcoin over the years. What all these so-called analysts and popular people that call price targets for Bitcoin are just doing guessing games anyway. I don't know Shriff well but I've seen his posts on my feed multiple times and he just dishes out predictions like everybody else. To be fair, Most of the people that called $100K BTC in the past already gave up hope.

If he doesn't benefit in anyway from the Bitcoin price growth then, that's the ultimate loss for him.

Schiff called out gold as far too cheap twenty years ago and its been correct, he isnt correct about everything but that was his mainstay.

I dont see gold and BTC as similar and neither does he in a negative way.    His age counts against him maybe as he is traditional in supporting gold but ironically both assets run inverse to the dollar which has declined in the last twenty years alot.

Alot of people dont get tech, I would place BTC with tech as its reliant on technological development for its utility.   Its doing something new not possible in the world before and that is hard to describe as correct or not.    The main thing for me is the number of people served not the price so much, price will follow the base prospects of BTC.

Overall Schiff has been more right then wrong, even if he is disliked by many he wasnt incorrect on his base reasoning that I ever heard.   You can summarize most easily by saying Schiff or similar commentators are hard money (no QE no fiscal debt etc.) and see BTC as having no hard value hence he was against it.

  I can remember him saying a decade ago the correct price was about $200 for its basic usage and circulation, he didnt really anticipate growth across the world so imo he was a bit irrational.   Every price rose over those years as dollar declined, that has to apply to BTC as its being used more.

We all make mistakes sometimes, even the smart people.  As a successful investor he clearly knows his stuff but that dosn't mean he's correct on everything.  He's bearish on Bitcoin, but that don't prevent him from being a talented investor overall.  Hes just concentrating his efforts on other assets that he has conviction in and  as for the Bitcoin bashing, I'd bet it began as a way to get some headlines.  And he keeps at it because the controversy gets him visibility which likely helps him accomplish his aims in the end.

Sometimes I wonder, how are these people able to be successful in investments if their predictions about Bitcoin is so poor? For any investor, Bitcoin should be the main target because it's the future, they should be digging info and they should be making very positive statements because years go and Bitcoin is only growing and becoming popular.

This might sound crazy but I think that these people say negative things about Bitcoin to gain the immediate attention of the media and to stop people from buying it. If you have a reputation in the financial world and say bad about Bitcoin, many people will hesitate to buy it and some might sell it, so it's a great opportunity for such rich people to keep the price low and buy as many coins as possible.

Will Peter Schiff be like Michael Saylor who was against being a fan in the first place? I think Schiff will continue his little rant about bitcoin...

Now that bitcoin is $98K maybe some people still think the price is too expensive, sometimes differences like this are natural especially during the increase... Believe the increase now or whoever buys now they still have the opportunity to sell at $150K... I think the price I mentioned is still possible.

Finally Schiff's estimate is going to be falsified soon to hit $100k. Actually I am new and to the forum and it was beyond my imagination that I would see the desired moment so soon. Good luck BTC.

There where alot of people who had no positive vision about bitcoin. Nick Allen was one of the people who thought bitcoin would  amount to nothing or less. I came across the tweet of Nick Allen saying bitcoin down to $2.70  a pop. so glad I didn't buy in on that mess meaning he also doubted bitcoin during 2011. I guess he will be regretting by now.

Yeah, but do imagine, even an optimistic guy might say the same. I am.

I thought Bitcoin would stay intact at a price like $50k and stay there for a long time. I mean, that's a lot of money for just 1 Bitcoin and I can say every investor at the early age would be satisfied with it.
But that's not how everything ends up which means he is wrong. Still, we cannot take out the doubts that is lurking in the shadows that Bitcoin might be stuck in this value. We just entered an ATH but it doesn't mean it will end that way. But, there are those who things that it's the roof of Bitcoin and it might not even go way far beyond that.
Are we to blame those who are pessimistic about it? I don't.

At least Peter Schiff admit if he was wrong, not many so called speculators can do that.

But, it seems that he's not a Bitcoiner yet, I haven't heard he bought Bitcoin. Unlike Michael Saylor, from Bitcoin naysayer to Bitcoin yeasayer.

Unfortunately, the rose of Bitcoin price to $90K, instead of making people to buy Bitcoin now, many people actually think Bitcoin now overpriced. Public perspective still not changed yet, not like gold price drop, it make people to accumulate more.

Or they are going to attack Bitcoin no matter what happens, whether bear or bull run, this kind of personalities will have to talk negative about it. And even if they are proven wrong, they will not accept it. And that's how it is, sometimes I think that's how it fuel the market though, with this anti-Bitcoin sentiments.


Maybe we can turn some none believers into investors, or maybe some of them are quietly buying ever since and have a bag full of BTC already. But for those, yeah, they might have regretting their decisions but they don't want to change their stance.

That's how some influential figures who are still skeptical of bitcoin still have thick facial skin so there is no shame in stating bitcoin is meaningless even though it is approaching $100K.

Especially now that the US government supports bitcoin, it will be even hotter to see some policies that are positive for bitcoin while figures who hate bitcoin will continue to babble about it, maybe in their hearts they regret not investing. Lol

 The thing with all these people who used to speak ill about Bitcoin is that they always find a way to remain relevant even when they talk thrash about the coin. For now, his stance on Bitcoin being a bubble that would soon burst is still strong but it just takes a matter of time till he changes his opinion.
 Many people before him have prophesied that Bitcoin would amount to nothing but we're seeing how far it's progressing. People will listen to him because of his status in the society and how big of an investor he is but it doesn't matter because is beating all odds. Soon enough he'd eat his words, no doubt.

Once an anti-Bitcoin will remain an anti-Bitcoin... or I guess not for some but for Peter Schiff, he will stand on what he knows is right and will remain an anti-Bitcoin until he realizes that he's wrong and will soon follow what most of us are doing - supporting Bitcoin.

Of course, he will not admit that he's wrong and I hope that one day, when Bitcoin reaches $100,000, we all send a picture of this to him whenever he makes a tweet on his X account. I doubt that he will change his stance with regards to Bitcoin TBH, and I believe that for the rest of his life, he will remain as an anti-Bitcoin.

He never tires of making a fool of himself, it seems. I sometimes watch his videos because he actually has a good understanding of how markets work and factors like inflation. Not for nothing is he a multi-millionaire due to his investments, but he persists time and again in his error. At this rate we will get to $5M a coin when he is 89 and still from the nursing home he will continue to insist is that bitcoins are like tulips.

Schiff is bearish on the dollar so the price for any asset can be extremely high.    A decade ago he would have been able to include that in his world view but didnt say it.   BTC outperformed the Dollar hence the price rose, its not even that contradictory to his general views.

More then anything his take is the collapse of the dollar, so he should always been more positive on BTC then he has been.  Not saying a supporter but not full negative, his son is more positive afaik.

You should read more carefuly his other tweets, it was a joke actually, I don't think it would be serious to believe he was really thinking that a country like US could make a kind of Ponzi scheme with BTC in order to fix Social Security despite tirelessly repeating that Bitcoin is just a speculative bubble that will burst very soon and it's less risky to gamble your money at casino.

He made those tweets right after the initial one quoted in OP actually

Yes, Peter Schiff, is indeed stubborn, he has recently criticized Bitcoin again and he also opposes statements made by Donald Trump and also Michael, the speculation stated by Schiff is always negative towards Bitcoin policy.

For example:
As we know, Trump in his speech stated and proposed how to get the US to buy Bitcoin to reduce debt, that was Trump's statement in his campaign speech.
1. Schiff speculates.


2. Schiff speculates.


Two suggestions that Schiff makes that I think are against Bitcoin policy.

One thing I understand in the cryptog space is that some people will definitely say all manner of things about a coin or token that they don't like. Some will criticize any coin they don't like but people who really like the coin will want to defend it.
The thing is that Bitcoin have already surprised a lot of them and I love the fact that Schiff said he made a wrong call, now he realized his mess up. 4 years ago, if he had bought like 5 or 10 Bitcoin at $19k, he would know how far by now.

to be fair some influential figure hates Bitcoin so much back then, it's kinda understandable, sometime people are afraid of change.
but it always feels good knowing that bitcoin could prove them wrong, with widespread adoption like this, I doubt people can afford to stand on their outdated opinion.
eventually people will come to understand that the emergence of bitcoin, is much like the emergence of internet, at first people are doubtful but they'll get used to it.

That reply is a character development, I guess he's done with hiding his true intent why does he keep on telling the public that he's a Bitcoin hater?

It won't be surprising if he changes his narrative towards his Bitcoin. His son is a holder as well, IIRC. I think his moves are like Jamie Dimon and his JP Morgan chase company. So, they send negativity to the community and have it published but they were secretly in accumulation.

I went ahead after seeing this post to read about his tweets on X (Twitter), so he moved from a Bitcoin critics full of doubt to being affiliated with Bitcoin news. So far, his recent posts has been about Bitcoin and how the US government plan on making reserves.

I am carried away by one of his post , the Trump government promised to establish along side Bitcoin, if they should by chance begin to purchase huge amounts of profits then we surely will experience further price increases which might be a big problem considering that investors will get badly tempted and begin to sell off and this will automatically drop the price of Bitcoin. According to @Peter Schiff's 1 million worth of Bitcoin is huge enough to shift the market, this purchases should be done strategically and over time in other to keep the market running instead of picking on a lump sum purchase, that will tragically affect the market later on. I think if we cross $150K in a rush, many investors will get tempted.

That man knows a lot about bitcoin. I believe he has the knowledge to know what bitcoin is and he is not too old like Warren Buffett. But the old assets and fiat system have been been the way he made his money and decided to let it be like that. But the way he criticized bitcoin is like a blind man telling people that he can see visually. He forgot that we can not see love and a lot of things in life but they are real. Thinking only what is physical has value but bitcoin proved him wrong completely.

Edited out.

He was wrong and he should admit that, $100k is nothing for Bitcoin, it's going to reach $1M, $5M, $10M, and beyond that. Bitcoin is not going to rest at $100k and Peter should read this post that one day Bitcoin will surely cross $1M and that day isn't far.

It's not just Peter who has been saying those stuff. Most of the people in the finance business usually link the unusual things happening in society to the government being the party behind it.

It's not even unusual anymore. The government can even take down the Bitcoin website long before it has a market but why leave it as is until it has grown this big? I think I heard this from Peter as well or from Ray Dalio.

One of those who was not on the guest list for the $100,000 party has his name listed at the top.
The beautiful thing about truth is that it proves itself over time. Bitcoin has proven itself to be a solid asset many times over.
Some people may have such incomplete vision that they cannot see this beauty.

Here is merely copying/repeating the socio-political and socio-economic hypothesis/theories about Bitcoin that some of the most intelligent Bitcoiners have said during its early days.

It's either that, OR, he perhaps is actually learning more and MORE about the technical side of things about Bitcoin - WHICH would make him start to have shower-thoughts about its economic and political effects on society.

Four years ago, he thought that Bitcoin would never hit $100K.

Some guy actually saved his tweet and had it ready for him in response when he was writing about how Bitcoin could be used in social security:



Has anyone else been noticing that Schiff's been talking about more and more hypotheses involving Bitcoin and the government? He may be a bear and easy to meme on, but I have to admit I have not heard of a lot of these new suggestions before.