Bitcoin Critic Peter Schiff Says His Pessimism May Be Proven Wrong If BTC Becomes a Mainstream Payment Medium

Influential economist and fierce Bitcoin BTC/USD critic Peter Schiff stated that his pessimism about the leading cryptocurrency may be proven wrong if it becomes a mainstream payment medium.

Economist and well-known Bitcoin (BTC) skeptic Peter Schiff has stated that his pessimism toward the leading cryptocurrency could be proven wrong if it becomes a mainstream payment method.

Details: In a debate with Jack Mallers, the CEO of Bitcoin startup Strike, Schiff stated that widespread adoption of Bitcoin as a payment option in place of fiat currencies, beginning with something as simple as paying for dinner at a restaurant with the digital coin, would alter his perspective.

"I can buy insurance policies, and they have Bitcoin benefits. I pay my premiums in Bitcoin. I get my benefits if rents are in Bitcoin. If everything is expressed in a quantity of satoshi, then I guess I was wrong. You were right. Bitcoin actually became money,"

However, the skeptic went on to say that the aforementioned use case for the apex cryptocurrency has been fading away over the last few years as proponents have shifted their focus to promoting Bitcoin's store of value thesis.

He also stated that despite the possibility of Bitcoin reaching $100,000 in the future, he finds the cryptocurrency "uninteresting." "If I'm going to speculate, there are better bets to make than betting on a crowded trade like Bitcoin."

See Also: Bitcoin Miner TeraWulf Leads Early HPC Market Entry, Analyst Projects $610M Revenue By 2026

Significance: Schiff, who is one of the most outspoken opponents of Bitcoin on social media, has consistently criticized the asset class over the years, claiming that gold is superior to its digital counterpart.

However, in an interview in March, he stated that he wished he had purchased the world's largest digital asset back in 2010 due to its potential for gains.

Last week, he expressed skepticism regarding the business acumen of investors who chose Bitcoin exchange-traded funds over those tracking gold.

Price Action: According to data from Benzinga Pro, Bitcoin was trading at $55,116.82 at the time of this writing, up 1.43% over the last 24 hours.

Courtesy of Wikimedia Commons: Photo

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