Well-known economist and fierce Bitcoin (CRYPTO: BTC) critic, Peter Schiff poked fun at the supporters of the digital asset with his latest wacky scenario involving the King Crypto and companies listed on U.S. stock exchanges.
What Happened: On Wednesday, Schiff took to X, formerly Twitter, to present an experiment. He pondered what would happen if all publicly traded U.S. companies liquidated their assets, ceased operations, and invested all the proceeds into Bitcoin.
“Each Bitcoin would then be worth millions. The market capitalization of U.S. stocks would soar. We’d all be rich,” Schiff wrote. “Yes we will all be rich just so long as nobody tries to buy something with their riches.”
It was apparent that the gold bull made an attempt to ridicule the pro-Bitcoin crowd by questioning the lack of utility of the prized digital asset.
A user, Shachar Bar David, countered Schiff’s claims, stating, “Bitcoin is not an alternative to producing goods and services. it’s merely a mechanism to store wealth. Without goods and services, there is no value produced and nothing to save.”
Another Bitcoin advocate, Bitcoin Wizard, echoed a similar sentiment. “Bitcoin is for the storage of value, not for the creation of it. Although, you can get massive gains by investing in the best money before its adoption cycle is complete,” the user remarked.
Why It Matters: Schiff’s tweet comes in the context of his ongoing skepticism towards Bitcoin. He has previously suggested that the approval of Ethereum ETFs could potentially undermine Bitcoin’s value, a theory that was met with dismissal by Bitcoin enthusiasts.
Moreover, Schiff has often been accused of secretly owning Bitcoin, an allegation he has refuted. He has stated that such accusations are a result of Bitcoin fanatics being “drunk on the Kool-Aid.”
Price Action: At the time of writing, Bitcoin was trading at $68,666.29, following a 0.21% uptick in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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