Bitcoin gradually becomes a mainstream asset
After the United States passed the Bitcoin Spot ETF at the beginning of this year, Bitcoin ($BTC) has become a veritable mainstream asset. After Trump won the election in November, it is expected to promote Bitcoin to become a national reserve asset. Looking back at the recent years, Development, Bitcoin has been adopted by many countries such as El Salvador, and major institutions are also rushing to enter the market. The development of Bitcoin seems unstoppable.
However, Peter Schiff, a well-known black fan and gold bull who has always been bearish on Bitcoin, does not seem to think so. In recent days, Bitcoin has continuously broken new highs and even approached the US$90,000 mark. He still attacked Bitcoin again.
Peter Schiff directly attacked Bitcoin and blockchain in his latest tweet, saying it could become "the craziest mass delusion in human history." He believes that Bitcoin and other digital assets are not only a trap for speculators, but also cause losses to investors who provide funds for the entire crypto industry.
Image source: X Peter Schiff’s tweet
If you had known earlier, would you have bought it?
Interestingly, although the tweet was full of criticism of Bitcoin, when someone in the comment area sarcastically said, "You have been saying this since Bitcoin was $1," Peter Schiff left an unexpected comment respond.
Image source: X Peter Schiff’s tweet
Peter Schiff said: "When the price of Bitcoin was still $1, I did not expect that this bubble would blow up so big. If I had realized it at the time, I might have considered buying Bitcoin."
This passage immediately triggered a heated discussion among netizens, because Bitcoin briefly returned to the level of $1 in 2011, and less than 10 years later, the value of Bitcoin soared to nearly $90,000.
This response revealed a subtle contradiction: on the one hand, Schiff continued to emphasize the "bubble" nature of Bitcoin, but on the other hand, his response seemed to imply that he had missed a rare investment opportunity.
Is Bitcoin the largest resource misallocation in financial history?
However, despite expressing his regret for not buying Bitcoin for the first time, Peter Schiff still insisted on calling Bitcoin a "bubble".
He explained that some funds did flow into Bitcoin and its related stocks, and the market demand for digital assets seemed strong, but this was only the result of market speculation and did not mean that Bitcoin had real intrinsic value.
Peter Schiff believes that as the value of Bitcoin continues to rise, speculators' funds pour in, and investment in related infrastructure also increases. This has caused many resources that might have been invested in other fields to be "misallocated" to encryption. Industry: "This not only does not help economic growth, but also causes a large amount of social resources to be "trapped" in a bubble with no real value. If the bubble bursts, it will affect those who provide funds for the entire industry and support infrastructure construction. Investors have caused staggering net losses to society. "
Is Bitcoin really a scam? Or a financial revolution? Today, when the market value of Bitcoin hits new highs, Peter Schiff’s remarks inevitably raise questions.
Regardless of the future of Bitcoin, supporters firmly believe that the development of Bitcoin and blockchain technology marks the arrival of decentralized finance in the future and is a challenge to the traditional monetary system. For ordinary investors, whether they support it or not Bitcoin, how to find a balance point in this "bubble" and "revolution" full of unknowns, may be the most important question to consider.
"Still talking hard?" Peter Schiff still calls Bitcoin a bubble: If I had known it would be so big, I would have bought it." This article was first published in "Crypto City"
