All cryptocurrencies, especially Bitcoin, have persistently faced fierce criticisms from maximalists of other commodities in competition with BTC and other coins in the global market. However, Bitcoin continue to ward off all traduce with its growth in the market.
The crypto space was left amused after a well-known Gold maximalist and supposedly staunch enemy of cryptocurrency now accepts BTC and Bitcoin Cash (BCH) in exchange for Gold on his trading platform.
Bitcoin and other cryptocurrencies continue to prove doubters wrong with their use cases. Due to the decentralised nature of cryptocurrency, anybody can make transaction without infiltration of third party.
This utility has given crypto traders the freedom to trade anonymously. Even the supposed enemies of Bitcoin could have accumulated it in numbers without the knowledge of anyone.
Bitcoin recently surpassed $11,000 resistance level after a short stay below it. Its stability in maintaining the level as a support to surge further still looks glooming, but there is possibility of digital currency is breaking more resistance levels, considering its recent surging trend.
This display is quite convincing. It can easily make a diehard enemy become a secret fan, due to the fear of missing out.
Peter Schiff Opens Door for Bitcoin and BCH on His Trading Platform
CEO at Euro Pacific Capital, Peter Schiff is a popular Gold maximalist and staunch enemy of Bitcoin. He has gone head-on many times with BTC enthusiasts on twitter with strong criticism.
90 percent of his tweets are meant to batter the image of Bitcoin, in favour of his globally glorified shining metal, Gold.
Some days ago, after Facebook released the Whitepaper of its forthcoming cryptocurrency, Libra, Schiff pointed that the underway digital currency will absolutely devalue Bitcoin to an unexpected price.
In his sentiment, he believes Facebook’s Coin will outshine BTC, since Libra will be targeting the same market Bitcoin is dominating, which would eventually make the digital currency drop price drastically.
Schiff and Anthony Pompliano, the Co-founder & Partner at Morgan Creek Digital later agreed on $1 Million bet. The Gold maximalist stood on the fact that Facebook’s Libra will devalue Bitcoin in five years’ time, while the BTC maximalist maintains that the cryptocurrency will hit $100,000.
Despite Schiff’s cryptocurrency’s criticism, he has recently added Bitcoin (BTC) and Bitcoin Cash (BCH) to the means of payment on his trading platform.
What Does this Mean For Peter Schiff and Bitcoin?
If he’s paid with the digital currencies in exchange for Gold, he’ll will likely store them and join the company of cryptocurrency traders that wish for the consistent surge of the digital assets.
This is a big revelation which shows that the world is gradually getting along with decentralised system of payment. Cryptocurrency needs more traders like Schiff to push for mainstream adoption, which would eventually aid its price growth, and improve the financial life of early investors and adopters.
Bitcoin (BTC) in the Market
Bitcoin is not ready to retract from its surging course, as it keeps breaking resistance levels. At press time, BTC is trading at $11,433.46, with 4.94% increase in the last 24 hours.
Bitcoin’s consistency in this parabolic movement could take its price beyond where crypto pundits expected. It has lately maintained this surging trend, and it’ll likely continue if we have to put some analysts’ predictions into consideration.