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Peter Schiff admits Bitcoin buyers are right about inflation but not about crypto

Peter Schiff admits Bitcoin buyers are right about inflation but not about crypto

Despite disagreeing on their stance about Bitcoin (BTC), long-time BTC skeptic and CEO of Euro Pacific Asset Management, Peter Schiff, has acknowledged that Bitcoin holders still shared some of his views, particularly those about the Federal Reserve and inflation.

As it happens, Schiff stressed that, in his view, most investors were largely unaware of the current financial crisis and “the far greater currency and sovereign debt crisis it will ultimately become” and that Bitcoin buyers have correctly recognized this, according to his tweet posted on March 23.

Indeed, the American stockbroker earlier compared the current situation, which has already toppled several banking giants, to the 2008 financial crisis and described it as a ‘sequel’ that is going to be worse than its predecessor – the Great Recession.

‘Should’ve bought gold’

On the other hand, he still believes they are wrong about Bitcoin and that they should have bought gold instead, to which Changpeng Zhao (CZ), the CEO of cryptocurrency trading platform Binance, replied that Schiff was “so close” but missing “that last tiny bit of introspection that *you* may be wrong about Bitcoin.”

As CZ noted in his comment:

“You tweet more about Bitcoin than most people. Let that sink in.”

Interestingly, Schiff’s son Spencer used the opportunity to congratulate his father on his 60th birthday and to express his firm belief that the older Schiff would “own a large amount of Bitcoin before you turn 70,” to which Peter replied that “Bitcoin will have crashed long before I turn 70,” adding that:

“But I guess for my 70th birthday, I could sell one ounce of silver and buy a few thousand Bitcoin just for kicks.”

As a reminder, Spencer Schiff sold the last of his silver stocks for cash and moved 100% of his financial portfolio into Bitcoin back in 2021, as relayed to the public by his father, who called him “brainwashed” and said he was “HODLing to infinity or bust.”

Recently, Peter Schiff has projected that global economies would someday shift from fiat currencies to digital alternatives but reiterated his continuous skepticism toward Bitcoin, claiming the flagship decentralized finance (DeFi) asset would not be able to become one of them, as Finbold reported.

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