Acclaimed investor Peter Schiff has famously labeled bitcoin as "fool’s gold" and a "Ponzi scheme." But the gold bug is willing to make a 180-degree turn if presented with a persuasive and convincing argument on the cryptocurrency.
In a tweet, Schiff said he will be hosting a live session on YouTube on July 15 and consequently invited willing participants to sell him on the merits of bitcoin.
I will be hosting the 1st ever Peter Schiff Bitcoin challenge live on my Youtube channel on Monday July 15th at 9 PM EDT. If you think you can change my mind on Bitcoin, here’s your chance. Bring your best argument and be prepare to defend it.
— Peter Schiff (@PeterSchiff) July 10, 2019
Bitcoin vs. the Yellow Metal
Schiff first announced the "bitcoin challenge" on July 9 after making a prediction that gold was likely to hit the $2,000 mark as financial market worries resurfaced.
Crypto bull Anthony Pompliano then rhetorically asked him how the bitcoin price would be faring if gold were doing that well. It was then that Schiff invited Pompliano to the "bitcoin challenge," saying:
"I'm doing a bitcoin challenge live on my YouTube channel on Monday night. I'm inviting people to try to change my mind on Bitcoin. Feel free to take a shot. You never know you may convince me that I'm wrong. My mind is open."
Can You Teach a Bitcoin Skeptic New Tricks?
Schiff maintains that he remains open-minded. Yet he shows no encouraging signs of an impending transformation. For instance, even before bitcoin hit its all-time high in late 2017, Schiff celebrated the cryptocurrency falling to under $500 the year prior.
#bitcoin price crashes below $500, down over 20% on the day, on exchange hack and theft of the crypto currency.
— Peter Schiff (@PeterSchiff) August 2, 2016
At the time, Schiff’s favorite asset – gold – was priced at around $1,340. Currently, it is trading above the $1,400 support level. This is an appreciation of nearly 5 percent.
During the same period, the bitcoin price has appreciated to its current price of over $12,000, recording 2,300 percent growth. If the crypto enthusiasts who will take up his "bitcoin challenge" need any proof of the difficult task that lies ahead, this is it.
In Gold We Trust…Until Our Faith Is Shaken
While it is not clear what prompted Schiff to welcome arguments that will convince him to join the crypto bandwagon, it is notable that it comes after he was sent $500 worth of bitcoin by crypto enthusiasts. This gift came after disclosing that he was a HODLer of a couple of satoshis worth about $100, which had been gifted to him as well.
Schiff’s ‘Bitcoin challenge’ also comes after the scarcity of his beloved gold was put into question. This was after NASA announced that it was sending a mission to the 16 Psyche asteroid that supposedly contains vast quantities of the precious yellow metal.
Schiff, however, has disparaged the report of the alleged gold-filled asteroid, calling it "fake news."
The existence of a golden asteroid is fake news-- a lie spread to pump Bitcoin. 16 Psyche is a rare metallic asteroid with a composition similar to the earth’s core. It’s made almost entirely of an iron-nickel allow, with small amounts of other metals, likely to include gold.
— Peter Schiff (@PeterSchiff) June 29, 2019
At the time he claimed that the "fake news" was being spread by the bitcoin community with a view of pumping the cryptocurrency’s price.