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Peter Schiff acknowledges that Bitcoin is profitable


During the past few years, the majority of crypto world users, and financial market analysts, have been impressed by the profits generated by Bitcoin for those who have invested in this cryptocurrency. Something that in recent times has reached even the largest skeptical crypto in the world: Peter Schiff.

Bitcoin utility

Many people, when they think of Bitcoin, consider cryptocurrency essentially as a financial asset. That is, as an investment whose sole purpose is to generate profits to investors who have acquired it. Almost as if it were a gambling game.

However, Bitcoin goals are quite far from this cartoon. Well, the cryptocurrency created by Satoshi Nakamoto aims to become a viable alternative to traditional fiat money. And therefore, in a currency with a value and use based on the needs of consumers globally.

An objective to which the currency seems to approach gradually. Establishing itself in several countries of the world and for several companies as a valid option for the acquisition of goods and services. Thanks to the value that virtual currency would have.

A vision that not all people in the world would share. There is a large group that sees in BTC a bubble that has raised the price of a financial asset above its share. Group led by gold mogul Peter Schiff.

Schiff’s vision

And is that, repeatedly Schiff has made clear his position regarding Bitcoin. Declaring that the virtual currency would not have a real value that justifies the figures reached in its price. Not having utility as a replacement for traditional fiat money.

A position that would have varied slightly in recent days. When Peter Schiff has publicly admitted, through his Twitter account, that owning Bitcoins can prove to be a lucrative activity, due to the growth in its price.

Which, however, would not mean that Schiff admits Bitcoin’s superiority over traditional fiat money. Much less than cryptocurrency can become more profitable than gold in the long term. Maintaining that Bitcoin will not succeed as a globally accepted currency.

Not ceasing to be curious about the change in Schiff’s vision. Who until now was radical in his absolute rejection of Bitcoin and cryptocurrencies. Which leads us to speculate that an even deeper variation in their positions could be possible in the medium term.

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International Studies student, interested in economics and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and cryptocurrencies in particular.

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