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Despite Its Criticism, Peter Schiff Considers Bitcoin Could Move Forward

ยท in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Peter Schiff, which has been a recognized and open critic of Bitcoin considers that the digital asset could grow in the future. Indeed, he wrote on Twitter that he never said the price of the largest cryptocurrency couldn’t rise. Apparently, what he said is that it would never succeed as money. 

Peter Schiff Believes Bitcoin Price Could Surge 

In a recent tweet, the CEO of Euro Pacific Capital, accepted that those that bought Bitcoin ten years ago and sold it today will certainly make a lot of money. His comments surprised the community. Indeed, he has always been an open critic of Bitcoin and virtual currencies. 

Schiff has also admitted that he never said that the price of Bitcoin couldn’t rise. What he mentioned is that Bitcoin would never become and succeed as money. 

Of course, crypto enthusiasts consider that Bitcoin is money and that it will succeed as such in the long run. In addition to it, some users believe that this expansion will eventually come with the price growing and attracting new users. 

The comments that Peter Schiff made come after a price increase of Bitcoin that started the first days of January. The virtual currency was able to leave a bear trend behind and enter a new bull market. This bull trend could end with Bitcoin and digital assets reaching new highs in the future. 

One of the main reasons behind this massive price increase from $7,000 to $10,500 in just a few weeks is related to the halving event that Bitcoin will be experiencing in May this year. With this halving, Bitcoin rewards for miners are expected to drop 50% from 12.5 BTC per block to 6.25 BTC per block. 

That means that if there is an increase in the demand of Bitcoin, the price should react faster than what it currently does. If miners want to sell more BTC today, they would certainly be able to do so up to 12.5 BTC per block. Nonetheless, the amount they can release to the market will be limited to 6.25 BTC per block since May 2020. 

In addition to it, altcoins have also started to move higher. Some of them were even able to hit new all-time highs in a very short period of time. The main question is whether this bull trend will continue in the future. 

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