Why Has Goldbug Peter Schiff Changed Stance on Cryptocurrency
There are a number of known cryptocurrency and Bitcoin detractors so when one makes a bullish statement it is time to pay attention. Gold investor Peter Schiff is one that regularly argues up his own investments and down digital ones but maybe he is finally warming to crypto.
A Plug For Libra?
In a recent tweet the renowned gold investor stated a case for cryptocurrency over fiat. His arguments are usually anti-establishment but he has rarely sided with digital assets. According to Schiff there is a lot of room for improvement over the current system.
“Privately issued crypto currencies, backed by real assets, would represent a major improvement over our current system of national fiat currencies. Consumers are best served by competition. Let capitalism restore the freedom, privacy and stability governments have destroyed!”
Privately issued crypto currencies, backed by real assets, would represent a major improvement over our current system of national fiat currencies. Consumers are best served by competition. Let capitalism restore the freedom, privacy and stability governments have destroyed!
— Peter Schiff (@PeterSchiff) October 23, 2019
Reading that closely it appears that Schiff is referring to Libra, which is after all a privately issued cryptocurrency, or will be if it ever gets off the ground.
Following an incessant torrent of criticism from politicians and lawmakers around the world the social media giant had to change its plans for the Libra project. Instead of being backed by a ‘basket’ of different currencies, Zuckerberg et al now want to create a range of different stablecoins pegged to various fiat currencies.
Capitalism restoring freedom would be giving the social media giant control over a large chunk of the world’s finances which in reality would probably be worse than the current central bank system.
The comment maybe directed at cryptocurrency in general and there are plenty of them to choose from. However, not many of the current altcoins out there are backed by real assets. Being a goldbug he could be referring to DigixDAO which is back by the precious yellow metal.
Either way the comment is bullish from a man that usually decries digital assets.
Warming to Cryptocurrency
This is not the first time Peter Schiff has changed his stance on crypto. Just last week he posted a tirade about the current state of the US economy, blaming the Trump administration for much of it.
“The U.S. National Debt now exceeds $22.9 trillion, up close to $3 trillion since Trump took office. My guess is that after 3 full years in office the national debt will have risen by $3.5 trillion, and that by the end of Trump’s term it will have risen by well over $5 Trillion.”
This would usually be a run of the mill statement from the gold guru if he didn’t follow up with this: ‘Bitcoin fixes this’. In the rare response Schiff added that this because you can’t print Bitcoin to fund warfare and welfare programs.
It appears that even the ardent detractors are now finally warming to the premise of digital assets and acknowledging that cryptocurrencies are here to stay.
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Martin Young, Khareem Sudlow