U.Today - Financial commentator Peter Schiff, known for his critical stance on Bitcoin, recently took to social media with a series of posts that blended sarcasm and financial speculation.
Schiff suggested a hypothetical scenario where all publicly traded U.S. companies liquidate their assets, cease operations and invest the proceeds entirely in Bitcoin.
He claimed this would cause each Bitcoin to be worth millions, dramatically increasing the market capitalization of U.S. stocks and making everyone wealthy.
Schiff extended his satirical narrative by addressing his own investments, particularly in U.S. oil stocks. He implied that if these companies followed suit and converted their assets to BTC, their stock values would skyrocket, enriching investors like himself.
He underscored the absurdity by noting that, while this would make everyone theoretically rich, there would be no actual goods or services remaining.
Schiff vs. Bitcoin
This rhetoric takes aim at the optimistic predictions of Bitcoin proponents, often referred to as maximalists. These enthusiasts argue that Bitcoin is destined for unlimited growth, positioning it as the future cornerstone of global finance and a societal model.In contrast, Schiff has consistently criticized Bitcoin, describing it as a bubble and a scam lacking intrinsic value.
Despite Schiff's critique, Bitcoin's price continues to quote around $68,000 per coin. At the start of the day, Bitcoin's price saw a decline of over 1.5%. The cryptocurrency remains within striking distance of its all-time high of $74,000, 9% short of this peak.