• +44 1992 804 750

Bitcoin is Profitable, But Will it Succeed as a Currency System?

By Ollie H – Cryptocurrency Broker

The American financial commentator Peter Schiff has acknowledged the profitability of Bitcoin investing, while also claiming that it is unable to ‘succeed as money’, failing to compete with fiat currency.

A notable crypto sceptic, Peter Schiff has been in Bitcoin headlines before. Though he has never directly participated in buying and selling Bitcoin, he does own a small amount due to a donation campaign. Famously, he lost access to his wallet but has since recovered his assets. He recognizes that holding such digital assets can be profitable but claims it will never replace fiat currency systems.

In a recent tweet, Schiff, a key Bitcoin critic, ‘conceded’ that the last 10 years have been successful for Bitcoin holders. ‘Anyone who bought #Bitcoin 10 years ago’ he states, ‘will make a lot of money.’ He goes on to explain that he never disagreed with this potential price climb and only addressed the network’s inability of succeeding as a money equivalent.

Many community members remember the apparent anger he displayed when he believed his coins to be lost and so continue to display little sympathy to his anti-Bitcoin rhetoric. One bullish voice in the space, the crypto-friendly travel agent TravelByBit, was among the Twitter Reponses, writing, ‘#Bitcoin has succeeded as money.’

You can buy and sell cryptocurrency with BC Bitcoin. For the best available market rates, get in touch with a member of our team or register here to start buying Bitcoin today.

We use cookies to better provide our services. By using our services, you agree toour use of cookies.