Peter Schiff, a well-known financial commentator and vocal critic of Bitcoin, recently took to social media with a series of satirical posts that sparked widespread attention. Schiff proposed a hypothetical scenario where all publicly traded U.S. companies liquidate their assets, cease operations, and invest entirely in Bitcoin.

Schiff’s Satirical Scenario

In his posts, Schiff suggested that if U.S. companies converted all their assets to Bitcoin, each Bitcoin would be worth millions, dramatically increasing the market capitalization of U.S. stocks and theoretically making everyone wealthy. He extended this narrative to his own investments in U.S. oil stocks, implying that if these companies also converted their assets to Bitcoin, their stock values would soar, enriching investors like himself.

Schiff vs. Bitcoin Maximalists

Schiff’s comments are aimed at Bitcoin maximalists, who argue that Bitcoin is destined for unlimited growth and will become the cornerstone of global finance and society. In stark contrast, Schiff has consistently criticized Bitcoin, labeling it a bubble and a scam with no intrinsic value.

Bitcoin’s Current Performance

Despite Schiff’s criticism, Bitcoin’s price remains resilient, trading around $68,000 per coin. Earlier today, Bitcoin saw a slight decline of over 1.5%. The cryptocurrency is still within striking distance of its all-time high of $74,000, just 9% short of this peak.

Schiff’s satirical posts serve as a reminder of the ongoing debate between Bitcoin skeptics and enthusiasts. While his hypothetical scenario may be far-fetched, it underscores the divergent views on Bitcoin’s potential and its role in the future of finance.