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Cryptocurrency News Articles
Bitcoin Critic Peter Schiff Says His Pessimism May Be Proven Wrong If BTC Becomes a Mainstream Payment Medium
Sep 09, 2024 at 12:01 pm
Influential economist and fierce Bitcoin BTC/USD critic Peter Schiff stated that his pessimism about the leading cryptocurrency may be proven wrong if it becomes a mainstream payment medium.
Economist and well-known Bitcoin (BTC) skeptic Peter Schiff has stated that his pessimism toward the leading cryptocurrency could be proven wrong if it becomes a mainstream payment method.
Details: In a debate with Jack Mallers, the CEO of Bitcoin startup Strike, Schiff stated that widespread adoption of Bitcoin as a payment option in place of fiat currencies, beginning with something as simple as paying for dinner at a restaurant with the digital coin, would alter his perspective.
"I can buy insurance policies, and they have Bitcoin benefits. I pay my premiums in Bitcoin. I get my benefits if rents are in Bitcoin. If everything is expressed in a quantity of satoshi, then I guess I was wrong. You were right. Bitcoin actually became money,"
However, the skeptic went on to say that the aforementioned use case for the apex cryptocurrency has been fading away over the last few years as proponents have shifted their focus to promoting Bitcoin's store of value thesis.
He also stated that despite the possibility of Bitcoin reaching $100,000 in the future, he finds the cryptocurrency "uninteresting." "If I'm going to speculate, there are better bets to make than betting on a crowded trade like Bitcoin."
See Also: Bitcoin Miner TeraWulf Leads Early HPC Market Entry, Analyst Projects $610M Revenue By 2026
Significance: Schiff, who is one of the most outspoken opponents of Bitcoin on social media, has consistently criticized the asset class over the years, claiming that gold is superior to its digital counterpart.
However, in an interview in March, he stated that he wished he had purchased the world's largest digital asset back in 2010 due to its potential for gains.
Last week, he expressed skepticism regarding the business acumen of investors who chose Bitcoin exchange-traded funds over those tracking gold.
Price Action: According to data from Benzinga Pro, Bitcoin was trading at $55,116.82 at the time of this writing, up 1.43% over the last 24 hours.
Courtesy of Wikimedia Commons: Photo
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- Bitcoin Miners Electrify the Grid: Ohio Gas Plant Acquisition Powers Up a New Era for Digital Gold
- Apr 30, 2026 at 10:38 pm
- The Bitcoin mining industry is undergoing a significant transformation, with major players aggressively expanding operations and strategically acquiring energy assets like Ohio gas plants to solidify their future in the digital economy.
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- Solana's Slippery Slope: Price Prediction Points to Resistance Loss and Potential Further Drops
- Apr 30, 2026 at 09:08 pm
- Solana is struggling to break key resistance, signaling potential downside. Repeated rejections at $86-$88, coupled with a broken short-term pattern, point to targets as low as $67, or even $40, as sellers maintain control. Investors should watch critical support levels closely.
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- NYC's New Beat: Staking Systems, USD1, and Governance Drive Crypto's Next Wave
- Apr 30, 2026 at 03:02 pm
- From lucrative USD1 earning events to robust governance models, the crypto sphere is buzzing with innovations reshaping how we engage with digital assets, focusing on long-term commitment and stablecoin utility.
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- OKX Unveils Agent Payments Protocol: Ushering in a New Era of AI Transactions
- Apr 30, 2026 at 02:53 pm
- OKX launches its Agent Payments Protocol (APP), an open standard for AI-driven commerce, enabling agents to manage full business cycles. Explore the implications for AI transactions and agentic payments.
