Peter Schiff talking about Bitcoin? Sit there that comes stoned
Already becoming more and more known to the crypto community for his views against Bitcoin, Peter Schiff once again pinned the main cryptocurrency, raising the ire of many Twitter enthusiasts.
In post made yesterday (15) on his personal Twitter account, Schiff questioned Bitcoin holders, mocking the currency while asking when BTC would rise.
“I have a question for Bitcoin HODLers. If a global pandemic, collapsing stock markets, recession / depression around the world, zero percent interest rates, unprecedented government loans and fiat currency printing, in addition to a fall in gold, did not cause the #Bitcoin went up, what will you do? ”
Peter Schiff’s post was taken by a large number of Bitcoin advocates, who pointed out reasons to explain Schiff’s questioning, but also pointed out how the question was poorly formulated / malicious:
“Bitcoin will rise over time because it is more scarce, salable, safe, decentralized, fungible, portable, resistant to censorship, borderless, liquid, divisible, durable, immutable and more easily verifiable than gold.”
“But why isn’t it rising now, with all this bad news, which is good news for Bitcoin? All of these qualities that you claim from Bitcoin exist today. However, they are not giving people a reason to buy today. So, why tomorrow? ”
“A month ago it cost $ 3,700. It is now at $ 6,700, with a ton of purchase demand below its current level. The #BTC issuance is about to be cut in half. That is 50% less emission each day. You do the math. ”
“It was $ 3,700 after falling from $ 10,000 in less than a month. It is still more than 30% below that level and was lower than when the #Coronavirus crisis began. ”
“Ya, and before it reached $ 10,000, it went through the level it is now!”
“And before that it was $ 3,500 in early 2019. And two years earlier it was $ 1,000, and even lower before that. #Bitcoin is currently performing amazingly. ” – completed the Bitcoin supporter.
With Bitcoin halving less than 30 days away, we will soon know who was right in this discussion. The practical point here is that during this crisis, BTC showed a strong correlation with other asset classes.
Whether this is good or bad is not yet known. Like gold, Bitcoin yielded and lost value in the month of March, but continues with an increasing number of holders who believe in an escalation after halving.