Peter Schiff: Bitcoin Is a “Passing Fad”
Euro Pacific Capital chief executive Peter Schiff is still not convinced Bitcoin is a viable investment despite the ongoing rally and the macroeconomic backdrop.
On August 15th, the investor commented:
Schiff added in a response to a tweet from Anthony Pompliano that “By 2029 you’ll be lucky if the market cap of #Bitcoin still exceeds the market cap of a baseball cap.”
Others Mainstream Investors Beg to Differ
Other mainstream investors beg to differ, though.
In an August 14th interview with Reuters, George Ball, the ex-chief executive of Prudential, promoted Bitcoin. Prudential is a Fortune 500 company that provides insurance, investment management, and other financial products and services. The company has $1.39 trillion worth of assets under management.
Ball, who now leads Sanders Morris Harris, says that Bitcoin could become a safe haven in the near future. He attributed this sentiment to the growing narrative around the debasement of fiat currencies, which he says makes Bitcoin a good investment.
The prominent Wall Street executive added that his decision to promote BTC comes after he was skeptical of blockchain and cryptocurrencies for a while.
Dan Tapiero, who published the tweet about Ball’s advocacy of Bitcoin, is also bullish on the cryptocurrency. The Gold Bullion co-founder has explained in recent analyses that the price of BTC could literally rally five to ten times this cycle due to macroeconomic trends.
As reported by Bitcoinist previously, he remarked:
Even with these figures and many others optimistic about Bitcoin, Schiff has not been convinced to cross the Rubicon.
Photo by kilarov zaneit on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts fromTradingview.com Gold Bull Peter Schiff Still Thinks Bitcoin Is a "Fad" on Its Way to Zero
Originally from Bitcoinist.com https://ift.tt/2Y3HFqC
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