Schiffgold.com founder, Peter Schiff, Chief Economist & Global Strategist, Europac, has since long been a vocal Bitcoin (BTC) critic. In his latest BTC assessment act, Schiff tests the BTC community’s appetite to HODL the original ‘king of cryptocurrencies.’
With enough curiosity, Schiff polls via a tweet:
How low does #Bitcoin have to fall before you admit that you're wrong and sell your stack?— Peter Schiff (@PeterSchiff) December 30, 2022
Schiff reportedly sees BTC falling to the $5000 mark in 2023. But Shark Tank investor, Mark Cuban, prefers BTC over gold as a lucrative investment. In fact, Cuban expects the BTC price to still fall a bit, just so that he can buy some more Bitcoin.
On Bill Maher’s podcast titled “Club Random,” Maher expresses a “very anti-Bitcoin” stance. But Cuban counters Maher by altogether rejecting gold as a valuable investment. Cuban maintains that investors invest in gold as a stored value, without actually owning physical gold bars. Similarly, BTC is also a stored value, says Cuban in Maher’s podcast.
Cuban, though, clarifies that he is not actually advising anyone to buy Bitcoin, just that he wishes BTC to fall, to easily enable a BTC purchase. Asking the BTC community to vote as per their Bitcoin HODLing preferences, Schiff asks in a December 30 tweet, how low BTC would have to fall to persuade the HODLers to sell.
Schiff’s four different voting alternatives in the poll are as follows:
Below $1K, or,
I’m right – HODLing till 0.
In a December 29 TD Ameritrade Network interview, Schiff urges the BTC community to sell their holdings while they still can to recoup losses. In the said interview, Schiff appeared to speak on a 2022 review of the crypto collapse and Fed policy.
TD Ameritrade Network tweeted the interview:
Schiff advises investors to sell BTC and buy some gold. He firmly holds his opinion that BTC has no value, given that it has already fallen considerably lower from its market price. A staunch supporter of gold as a dependable investment alternative with an intrinsic value, Schiff believes gold is a long-term store of value.
To Schiff, gold is the ultimate inflation hedge, and a fitting alternative to the US dollar for store of value. How Maher, Cuban, and Schiff’s respective investment strategies come to fruition will be interesting to see come 2023.