- Bitcoin’s price gains have put critics’ predictions to shame.
- Schiff, Roubini, and Kruger have all been proven wrong, and how.
- Growing institutional investing and other utilities could lead to more price gains in the future.
Bitcoin has shaken the establishment over the years as those who couldn’t understand the cryptocurrency have outright rejected it as a pump-and-dump scheme or as a fraud. However, bitcoin’s price gains have clearly proven those critics wrong. This is exactly what Twitter user Rhytmtrader pointed out recently.
The price change since they criticized bitcoin:
Peter Schiff: 43,492%
Nouriel Roubini: 13,052%
Emin Gün Sirer: 3,462%
Warren Buffett: 1,103%
Paul Krugman: 963%
Jamie Dimon: 840%
Larry Fink: 58%
Ben Bernanke: 37%
Brad Sherman: 23%
Donald Trump: -32%
Janet Yellen: -54%
— Rhythm (@Rhythmtrader) November 21, 2019
Let’s take a closer look at how some of these prominent bitcoin critics have got it all wrong.
Peter Schiff is one of the biggest losers in the bitcoin blame game
Peter Schiff is a well-known gold bug and a big-time bitcoin hater who doesn’t let go of any opportunity to criticize the crypto asset. It was only a few days ago that Schiff called the cryptocurrency a pump and dump scheme. And then a few days later, he made a wild claim stating that bitcoin is all set to go down badly thanks to the pot stock crash.
But despite Schiff’s best efforts, the price of bitcoin has gone in only one direction – north. Schiff’s dislike for bitcoin came to the fore just over eight years ago in June 2011, when the cryptocurrency was trading below $20.
Schiff believes that bitcoin has no intrinsic value. He favors gold, stating that the yellow metal has value and can be used for different purposes such as jewelry and electronics. But he seems to be forgetting that bitcoin has come to the rescue of people when banking systems and governments have failed. The divisibility of bitcoin and the fact that it can be used to quickly execute transactions at…