Renowned Bitcoin critic and avid gold enthusiast, Peter Schiff, has taken a bold stance by urging publicly traded companies to divest all their assets and invest in Bitcoin. According to Schiff, such a move would skyrocket the value of BTC, turning a majority of holders into millionaires.
In a recent post on X (formerly known as Twitter), the economist discussed the possibility of U.S. companies selling off their entire asset portfolios, shutting down operations, laying off employees, and utilizing the proceeds to purchase Bitcoin (BTC).
Schiff further argues that this action would drive BTC prices to unprecedented heights, with a single unit of the cryptocurrency being valued in the millions. This prediction aligns with the beliefs of several prominent Bitcoin proponents.
While Schiff’s suggestion of companies liquidating all their assets may come across as sarcastic and impractical, it is likely that many of them will indeed invest in BTC, either by adding the cryptocurrency to their investment portfolios or holding it as reserves. This alone could significantly impact the circulating supply of Bitcoin, driving up demand and subsequently increasing its price.
“What if all publicly traded U.S. companies sold 100% of their assets, closed down their operations, fired all their employees, and used the proceeds to buy Bitcoin? Each Bitcoin would then be worth millions. The market capitalization of U.S. stocks would soar. We’d all be rich.” – Peter Schiff (@PeterSchiff) May 29, 2024
Last year, a report revealed that over 99 companies already hold Bitcoin, including notable names such as Microstrategy, Tesla, Block Inc., Coinbase Global, Marathon Digital Holdings, and Galaxy Digital Holdings. Moreover, approximately 2,300 companies in the United States, and a total of 15,000 businesses worldwide, accept Bitcoin as a form of payment.
Industry experts predict that more companies will join this trend, especially with the introduction of Bitcoin spot exchange-traded funds (ETFs). These investment vehicles offer a regulated and simplified way for investors to gain exposure to Bitcoin without the complexities associated with holding and understanding the technical aspects of the digital asset.
In addition to corporate adoption, there is growing anticipation for governments around the world to embrace Bitcoin. El Salvador recently became the first country to adopt Bitcoin as legal tender, and other nations are expected to follow suit. Rumors have circulated about Argentina and El Salvador discussing Bitcoin adoption, although El Salvador’s National Bitcoin Office has refuted these claims.
Contrary to Schiff’s criticism of Bitcoin, even former U.S. Presidential candidate Donald Trump has expressed interest in the cryptocurrency’s potential to address the country’s mounting debt issues. Trump aims to position the United States as a leader in the crypto and blockchain space.
As of now, BTC is trading at $67,925, experiencing a slight correction of 3% in the past week after failing to maintain support at $70,000. Despite this dip, market experts remain optimistic about BTC’s future and anticipate a retest of the all-time high of $73,737, with a potential surge beyond $100,000 by the year’s end.
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