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- Peter Schiff revealed that there is a type of cryptocurrency that he is likely to support shortly
- He stated the only cryptocurrencies that hold some logistical value to themselves are the legitimate cryptocurrencies
- Peter’s son, as opposed to his father, is a steady ‘hodler’ of Bitcoin
Peter Schiff represents a very keen adversary of Bitcoin. However, in a recent interview with Kitco News on Wednesday, he revealed that there is a type of cryptocurrency that he is likely to support in near future.
Peter Schiff’s controversial interview
Peter Schiff holds the position of chief market strategist at Euro Pacific Asset Management. He told Kitco News that a legitimate crypto asset holds value similar to that of a gold-backed token. These forms of cryptocurrencies can replace fiat currencies in terms of utility.
Peter further added that the only cryptocurrencies that hold some logistical value to themselves are legitimate cryptocurrencies. He emphasizes that just as he does not appreciate fiat paper currency, which is paper currency supported by genuine money, he also doesn’t provide any credibility to fiat digital currency.
However, he stated that, if one holds a digital currency that is backed by gold and can be redeemed in gold, that defines a perfect win-win situation according to him. It is a great deal overall. The problem remains that governments do not appreciate that because if these legitimate digital currencies backed by gold start doing rounds in circulation, everyone will start preferring these currencies over their usual access to the dollar, euro, and yen.
Peter’s social media debacles over Bitcoin
Peter is usually witnessed as the one debating the perks of Bitcoin on his Twitter profile with such noteworthy investors like Mark Cuban, who himself recently transformed into a crypto advocate from being an adamant crypto skeptic.
Peter’s son, as opposed to his father, is a steady ‘hodler’ of Bitcoin. He is seen voicing strong counter-arguments to Peter’s anti-Bitcoin statements actively on social media accounts.
Peter responded on the respective dynamic in terms of the major contrast in opinions with his son/ He told that once in his life, he stood exactly where his son stands now. But, he is sure that his son will be where he is currently in the future in terms of thought process. This is likely to happen in a situation where he will have a son who’s just as conceited. Because, according to Peter, this generation holds a falsely overconfident perception that they are reinventing the wheel and they know everything.
Peter concluded his interview by saying that he is not denying that there exists a compelling, fascinating story that acts as the right attraction for people to believe in Bitcoin without second thoughts. But, he asserted, this is just not right. It just represents a form of bubble which will end up bursting anytime soon.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
