After spending years critiquing Bitcoin, Peter Schiff, a popular gold bug, now openly admits that he was wrong about the digital treasure. His public admission and going against everything he stood for in the past has caused a lot of fuss on the internet, especially the crypto Twitter.
I was wrong about #Bitcoin.
— Peter Schiff (@PeterSchiff) April 1, 2021
John Williamson went on to comment,
So many of us appreciate and respect you and your work, it would be good to see a vid with your analysis that lead to this statement, your view going forward. By the way, I still firmly believe that ‘all that glitters in not gold’ Thank you, sir.
Another person jokingly asked Peter Schiff if he could make some crypto money by turning his tweet into an NFT.
Peter Schiff, who is also an economist, a financial broker, and a common guest at the national news, is the founder of Schiff Gold and is also a dealer of valuable metals. After a successful and fulfilling career, he had witnessed the drastic drop in the price of gold recently when Bitcoins began to take their place and its role of acting as a hedge and diversifier.
Schiff’s line of business was greatly affected by this move, and he began to critique the digital gold for months. However, his fight did not bear any fruits; hence he decided to join the Bitcoin wagon. Whether it has anything to do with April Fools or not, Schiff may have come to terms with what he was losing, and he may not know much about Bitcoins, but gold is gold, digital or not.
