Peter Schiff and the Rest of US: The Pursuit of Similar Economic Overhaul, But with Different Tools

Godfrey  |  Feb 24, 2021

In today’s global and digital world, many people are able to convey their thoughts, opinions, and ideas through the use of social media. Twitter is one of the most relevant spaces for sharing thoughts with little or no restrictions. Since the advent of the cryptocurrency ecosystem, some crypto believers or investors, with a presence on Twitter have evolved in their use of the space to spread their optimism about the potentials inherent in the space.

The great hype is however not limited to Bitcoin (BTC) or the host of altcoins out there, other assets of interest including gold, diamond, crude oil, and other commodities also gain an equivalent share of attention from their proponents. One of these proponents is the renowned gold bull Peter Schiff, a Chief Market Strategist and Senior Economist. Schiff runs the Euro-Pacific Bank, as such, he has great industry and economy-related experience.

Peter Schiff’s identity in today’s investment world, especially on Twitter transcends being a gold bull, rather, it cuts across his extremely harsh intolerance for Bitcoin, and Bitcoin proponents.

Things We Have in Common

Peter Schiff has been very vocal about two core events in our world today. The first is the Federal Reserve’s monetary, economic, and other related policies, and the second is his stance about Bitcoin.

In one of his recent tweets, Schiff said;

“What Powell can't admit to Congress is that the U.S. economy is on life support. If the Fed were to pull the plug by reducing bond purchases or raising interest rates the economy would die. Since it's a zombie economy it needs to die so a real one can be reborn to take its place.”

The rebirth of the economy is what most Bitcoiners are after and what must be reiterated to those who care to know is that crypto lovers are mostly in search of a better economic standard than what we have today, a clamor that ties the rest of us (crypto enthusiasts) with Schiff himself.

Proposing Different Tools to Economic Woes

The options people had decades ago to combat the pangs of economic meltdown, and plausible unfavorable government policies were limited, to Gold, and other commodities like grains. Today, mankind has evolved its options, with cryptocurrencies, and Bitcoin as the flagship asset in the space. 

The new alternative in crypto is however resonating much more with both Millennials and Gen Z, as a viable store of value. Recently, institutional investors began placing their bet on Bitcoin, marking the switch in focus to this mainstream flow of funds into the relatively new digital assets.

While Peter Schiff maintains the position that Bitcoin is a bubble and the biggest financial fad in history, the digital currency reassures its believers of the potential power in decentralized finance, peer-to-peer payment systems, and privacy amongst others. One man’s view unbending notion about Bitcoin may be tantamount to the bigger fight against the Feds we are all pursuing. Will the pursuit of true financial freedom be realized faster if Peter Schiff and the rest of us admit our pursuit is one.

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