Outspoken Bitcoin Critic Peter Schiff Open To Changing His Mind on Crypto

As you probably know, Bitcoin and other cryptoassets are on the rise thanks to things like Facebook’s Project Libra. In fact, Bitcoin’s price has recently hit even $13,000, a far cry from the asset’s price even months ago. However, not everybody is convinced. In fact, Peter Schiff, the founder of SchiffGold, claims that despite Bitcoin being the leader of this crypto bull run, it’s a “suckers rally,” reports NewsBTC.

Keeping an open mind

As you can imagine, the crypto community isn’t exactly a fan of this. It makes sense too, considering Schiff’s company is all about teaching people how to get into gold, silver, and other precious metals. The goal here is to preserve wealth, not unlike what Bitcoin is viewed as by some parties. One shouldn’t be too surprised that he’s not a fan of a digital version of what his company helps work with. However, there’s reason to believe that Schiff might start becoming a fan of Bitcoin. Sort of.

According to a tweet from Schiff, the naysayer claims to have been given $2,800 in the world’s first cryptocurrency. He continues, asking what to do with it. Schiff considers either using it to buy jewelry for his wife or to hold until he buys a Lamborghini for himself. Of course, this hasn’t convinced the man completely. However, he’s definitely showing more interest. In fact, Schiff will be putting on his own “Peter Schiff Bitcoin challenge” live on YouTube. There, he wants somebody to change his mind about Bitcoin and cryptocurrencies in general.

I have been gifted $2,800 worth of Bitcoin. Thanks to all for your generosity. What should I do with my stash? 1. Use it now to buy 24 Karat gold jewelry at https://t.co/At4icF7p0A for my wife. 2. Ignore the FUD and HODL until Bitcoin moons and buy a Lambo for myself.

— Peter Schiff (@PeterSchiff) July 10, 2019

As revealed via a tweet, Schiff claims:

“I will be hosting the 1st ever Peter Schiff Bitcoin challenge live on my Youtube channel on Monday July 15th at 9 PM EDT. If you think you can change my mind on Bitcoin, here’s your chance. Bring your best argument and be prepare to defend it.”

Alongside Schiff, many other big spaces in the world of finance have gotten into cryptocurrency online trading. Aside from Facebook, we have JPMCoin from JPMorgan and Fidelity is interested in digital assets as well.