Peter Schiff, American stock broker, financial commentator, and he CEO and Chief Global Strategist of Euro Pacific Capital Inc. announced Thursday that despite being famously bearish on Bitcoin—and cryptocurrency as a whole—he is entering the NFT market and will be selling some of his greatest hits.
I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad! pic.twitter.com/6SJvDJOZU6
— Peter Schiff (@PeterSchiff) January 19, 2020
Bitcoin is neither a Ponzi Scheme, a Pyramid Scheme, nor a Chain Letter, though it incorporates elements of all three. It's really a more sophisticated version modernized for the digital age. My guess is that in the future similar schemes will be referred to as a #Bitcoin Scheme.
— Peter Schiff (@PeterSchiff) January 28, 2021
After some Schiff detractors called out his hypocrisy, he went on CNBC to explain the offering and do a bit of good old fashioned touting.
“It is a simple concept really, turning my tweets into NFTs that is… While crypto has zero—and I mean zero intrinsic value—the gold that drips from these two thumbs on a daily basis could not skew further in the other direction. Between the high level thinking, exuberant charm, and Twain-esque-writing I can’t think of a better investment.”
If social media is any indicator, the market has proved to be a bit resistant thus far. CNBC tweeted out a clip from the interview and the replies outnumbered the favorites 1500 to 6. Including one from Schiff’s son, Spencer, who told his father, “What a ~golden~ idea… NOT. Can’t wait until this tanks you paper-handed fool. #Bitcoin”
It will be interesting to see if some of the other key commentators in the FinTwit space start to follow Schiff’s lead. That hasn’t proved to be an effective strategy in recent years—but as people on FinTwit love to say a broken clock is still right twice a day. So, maybe, just maybe—it is this broken clock’s turn.
A broken clock is right twice a day.
— Chartopolis ? (@bhtrade) March 7, 2021
— CarpeDiem (@dizzy0ny) March 7, 2021
Lols – broken clocks are right twice a day ?
— BeKi #100k BTC walhalla (@BeKib65) March 7, 2021