Schiff has long been an outspoken opponent of bitcoin as a money. His argument has pretty much been some form of the above tweet for years now. And $BTC has had its ups and downs over that time, mostly ups.
At this point, I think it's just become a meme that Schiff is the anti-bitcoin guy. And he probably makes money from the press he gets surrounding that.
But nobody talks about WHY Peter is wrong.
So I'm going to tell you...
It's because Peter doesn't see the Regression Theorem when it hits him in the face.
Peter follows the Austrian School of economics, which is the correct way to view economics. In the Austrian School, there's this thing called the Regression Theorem.
Basically it says that you can trace any free-market money back to the point where it was the most widely used commodity in an economy. It's because it was the most widely used commodity that it could take the other side of any trade. So if Joe had cows and Bob had gold. Joe knew that if he accepted the gold from Bob, Joe could later turn around and give that gold to someone else for other goods.
Lots of things have been money, gold, silver, salt, rice, shells, etc. All highly desirable goods that were widely desired in their communities.
Bitcoin isn't that. And that's what Peter is railing against. What he doesn't see is that we are in the process of bitcoin becoming the widely desired commodity.
An enormous rise in value along with everybody talking about it is the very accelerated form of the Regression Theorem that we are living through right now.
Peter is right that it's not a store of value... yet. He's right that it's not a true money... yet. What he's wrong about is that these are permanent.
We are still years away from bitcoin (or any other crypto) being a universally accepted money. Very few people have any crypto. Very, very few understand how it works. Some people understand number-go-up.
More and more people are understanding that their fiat currencies are being printed into annihilation.
And when CBDCs roll out, everyone will see that they can use the same type of phone app interface to opt of fiat and into crypto.
That'll be when we see real fireworks.