Renowned financial expert and ardent cryptocurrency hater Peter Schiff made a surprise bow to the crypto community and Bitcoin investors in particular, stating that they are right in their view of the Fed's latest actions and policies to control inflation.
According to Schiff, most traditional investors are still oblivious to the unfolding financial crisis and that it will turn into an even worse sovereign debt and currency crisis. The only pity, says the economist, is that Bitcoin holders are not buying gold.
Peter Schiff and Bitcoin (BTC)
The crypto critic's latest reprimand came on his 60th birthday, which he was congratulated on in return by his son, Spencer Schiff. At the same time, the younger Schiff, known for his pro-crypto sentiments, said that in 10 years his father will definitely have a huge amount of BTC.
However, the possibility of such a development was not ruled out by the senior Schiff himself, not without a share of skepticism, of course. In the expert's opinion, Bitcoin will have long since collapsed by the time he turns 70, so he could sell one ounce of silver and buy thousands of BTC. But "just for kicks," notes Peter Schiff. For reference, one troy ounce of silver currently equals 0.00082 BTC.