On Thursday, renowned cryptocurrency arch-critic, Peter Schiff, took to Twitter to lament Bitcoin’s growing influence on his family.
Struck by the decision of his 18-year-old son, Spencer Schiff, who took an 8% interest loan off Coinbase to fetch some bitcoin into his asset satchel, Peter tweeted a hot swipe at HODlers by labeling his son’s defiant borrowing, a stark representation of the typical Hodler attitude.
Schiff is popular within the crypto space as an unwavering critic of the strides made by bitcoin. He believes crypto and the activities surrounding its market do not in any way make up a credible asset class compared to gold. The serial stockbroker who doubles as a radio personality continues to canvas for the adoption of traditional investment options like stocks, crude oil, and gold labeling ‘bitcoin’ a dead end.
A self-styled crypto prophet of doom, Schiff, will now have to carefully nurse the new family investment against his will, as Spencer puts the bitcoin-phobic family on the list of bitcoin owners starting with an astronomical 113% long position.
What’s Schiff’s future for Bitcoin?
Schiff also responded to a Twitter poll by MicroStrategy’s Michael Saylor, which sought public opinion on the possibility of Bitcoin garnering a steady 6.125% over the next seven years?
While 87% of over 113,074 voters showed optimism for a green season over the horizon after an excruciating April and May, which crushed the resolve of optimistic new entrants, Schiff and over 11,0000 others believe a $10,000 price crash is more imminent for the fledgling coin. His analysis is based on the premise that a good number of margin-related forced selling may be triggered by the next dip run, forcing even staunch holders to give up long-term purchases and cash out before they lose out.
Peter Schiff says “the next crash will be brutal.”
War of Acceptance
The current spate of Bitcoin still holds mixed feelings among many users. There are those who still see Bitcoin as intrinsically worthless and the actions of all parties as only postponing doomsday.
Even the El-Salvador government’s decision to make bitcoin a legal tender has been criticized by many world leaders. The latest is World Bank’s indifference towards calls to help structure a crypto-fiat hybrid balance sheet for the nation.
However, there is inarguably more awareness of the power and prospects of Bitcoin than ever before. Many nations have found crypto a safe hedge against wealth-eating inflation.
It is a dicey situation and the current state of Schiff’s family shows just a perfect picture of how crypto is making so much sense to some and none at all to others.