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It’s no secret that Peter Schiff, a gold bug, hates Bitcoin. But, to his credit, he still thinks about the arguments and is active in the debate on the issue.
In his latest chat with Anthony Pompliano, Schiff reveals what it would take for him to bite the bullet and finally invest in Bitcoin.
Bitcoin as real and usable money against the dollar
When it comes to changing your mind about Bitcoin, Schiff said the most important factor in achieving this would be for Bitcoin to be used successfully as a medium of exchange.
“What should happen is that Bitcoin should actually be successful as money.”
While some say El Salvador’s dual currency system is an example, Schiff dismisses the suggestion on the grounds that Bitcoin is not embedded to the same extent as the dollar.
What does he mean by that? Simply put, current convention considers the dollar as the base, with Bitcoin as the variable. So even though Salvadorans pay with Bitcoin, they pay at the price of the converted dollar.
In order for Schiff to change his mind, he must first see the prices in Bitcoin, and for $ BTC to act as a fixed base with the dollar as a variable. In other words, Bitcoin must dominate the dollar in daily trading.
“If I’ve actually seen El Salvador work, say for, a, I don’t know a long period of time, but where everything was priced in Bitcoin, forget about dollars. You had a salary, it was expressed in Bitcoin, you rented an apartment, your rent was in Bitcoin… ”
Pompliano invites Schiff to dinner
On the year-end price prediction for Bitcoin, the idea of hitting $ 100,000 is floating around. For example, Michael Gronager, CEO of data analytics company Chainalysis, recently made the call.
Unsurprisingly, Schiff believes the $ BTC will be closer to $ 30,000 by the end of the year. He pointed out that on September 7, the day the Bitcoin law was passed in El Salvador, the main crypto suffered a 20% drop on the downside, demonstrating technical weakness.
Nonetheless, to keep the discussion jovial, Pompliano said he would offer Schiff a dinner if $ BTC breaks $ 100,000 this year. If that doesn’t happen, he said he would “buy a lot of gold.”
“If Bitcoin breaks $ 100,000 this year, you have to fly to Miami with this shirt, this exact shirt that I want you to wear, and I’ll take you to dinner.” If Bitcoin doesn’t go over $ 100,000 by the end of the year, I’ll be buying a lot of gold.
In the spirit of dialogue, Schiff joined in the joke. However, he still has not committed to the bet.
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