- Alex Jones embraces Bitcoin after one of its proponents and a TV show host.
- Schiff says that after watching the Bitcoin “bubble” grow for over ten years, now that the price hit $10,000, Jones is encouraging viewers of his show to buy-in.
- Schiff’s repeated commentary on the “end” of Bitcoin comes from the cryptocurrency’s recent corrective decrease in prices.
Famous Bitcoin skeptic Peter Schiff made comments on conspiracy theorist, Alex Jones’ assertion of Bitcoin after holding a number of conspiracies against the world’s most popular cryptocurrency for a long time.
Alex Jones embraces Bitcoin after one of its proponents and a TV show host. Max Keiser went on InfoWars, a conspiracy theory show hosted by Jones. There, Keiser made a whopping bet on Bitcoin’s future price, stating it to hit $400,000.
Keiser initially made predictions on Bitcoin’s price back in 2012 when he foresaw the cryptocurrency hitting $100,000, but now the man himself feels like his initial prediction was a little too conservative.
Alex Jones has capitulated. After 10 years of watching the #Bitcoin bubble inflate, at $10,000 per coin he thinks now's the time to urge his listeners to buy. This is how manias end. Greed overwhelms reason as people once too sensible to buy join the party just as it's ending.
— Peter Schiff (@PeterSchiff) February 17, 2020
The gold bug and Bitcoin skeptic, Peter Schiff, took this opportunity to take a hit at Jones on Twitter, saying that he had capitulated to Bitcoin. Schiff says that after watching the Bitcoin “bubble” grow for over ten years, now that the price hit $10,000, Jones is encouraging viewers of his show to buy-in.
The tone of Schiff’s comment seems more intended at taking a jab at Jones as he backhandedly implies that Jones should have suggested his viewers to get into Bitcoin earlier and not as the “bubble” is going to burst.
Schiff went on to say that this was how most manias (a.k.a Bitcoin) end with people, who were once smart enough to stay away from them, get overwhelmed with greed to get into the money as soon as it’s about to end.
Schiff’s repeated commentary on the “end” of Bitcoin comes from the cryptocurrency’s recent corrective decrease in prices. After hitting a high of $10,457 on the 13th of February, prices soon began plummeting down $9,634 in a matter of 4 days as of press time.
The prices of Bitcoin are also bringing the altcoin market crashing down, and Schiff sees this decrease as a mistaken “end” of Bitcoin. Contrary to Schiff’s opinion, like Keiser, many analysts are making calls on Bitcoin, reaching at least $100,000 in the next four years with some very optimistic trajectories even pointing at the prices hitting $500,00 in 8 years from now.
Schiff has previously been known to criticize Bitcoin harshly while he has proven over and over again that he does not understand the technology. And being a strong investor in gold, Schiff finds it necessary to take sharp jabs at Bitcoin and other cryptocurrencies every once in a while when they overshadow gold.
He has also been known to make several incorrect price predictions about Bitcoin. Therefore him addressing the cryptocurrency as a bubble about to end can be ignored as one of his usual antics.