According to U.Today, Peter Schiff, a financial commentator known for his skepticism towards Bitcoin, recently shared a series of social media posts that combined sarcasm with financial speculation. Schiff proposed a hypothetical situation in which all publicly traded U.S. companies would liquidate their assets, halt operations, and invest all proceeds in Bitcoin. He suggested that such a move would cause each Bitcoin to be worth millions, significantly increasing the market capitalization of U.S. stocks and making everyone wealthy.
Schiff continued his satirical narrative by discussing his own investments, particularly in U.S. oil stocks. He hinted that if these companies also converted their assets to Bitcoin, their stock values would soar, making investors like him richer. However, he highlighted the irony of this scenario, pointing out that while everyone would theoretically be rich, there would be no actual goods or services left.
Schiff's comments are a direct jab at Bitcoin enthusiasts, often known as maximalists, who believe that Bitcoin is destined for unlimited growth and will become the future cornerstone of global finance and a societal model. Schiff, on the other hand, has consistently criticized Bitcoin, labeling it as a bubble and a scam without intrinsic value.
Despite Schiff's criticism, Bitcoin's price continues to hover around $68,000 per coin. At the beginning of the day, Bitcoin's price saw a drop of over 1.5%. The cryptocurrency is still within reach of its all-time high of $74,000, falling short of this peak by 9%.