From Crypto Critics To Appraisers: A Tale Of Change Of Hearts

Ruth Kamau

With the crypto bull markets returning, many influential figures who previously criticized crypto are now taking their words back. Donald Trump, the former president of the United States and presumed Republican nominee for the upcoming presidential election is one stand-out personnel in this case.

Trump made headlines with his recent remarks on cryptocurrency, particularly Bitcoin in a recent appearance on CNBC. This comes just days after he made a similar statement, citing that he can now “live with Bitcoin” in an interview with Fox News.

Initially skeptical of Bitcoin, Trump once referred to it as a “disaster waiting to happen” in 2021 and expressed his lack of enthusiasm for the digital asset. However, Trump acknowledges Bitcoin’s growing popularity and its substantial appeal among investors and enthusiasts. He attributed this change in perspective partly to ongoing discussions with pro-crypto figures, including former presidential candidate Vivek Ramaswamy.

Crucially, Trump hinted at a more lenient regulatory approach towards cryptocurrencies if elected president. He emphasized that Bitcoin had “taken on a life of its own” and suggested that he would likely refrain from introducing new restrictions on its usage.

“I see that it’s been put to good use, and at this point, I’m not sure I’d want to take it away. In either case, I can live with it,” Trump stated during his CNBC appearance.

With Trump signaling a more hands-off approach, crypto enthusiasts may find reassurance in the prospect of fewer regulatory barriers under a Trump administration.

In addition to discussing cryptocurrency regulations, Trump unveiled his latest line of sneakers, the Never Surrender High-Tops, at Sneaker Con in Philadelphia. Notably, Trump revealed that customers could pay for these sneakers using Bitcoin, highlighting his growing acceptance of digital currencies as a legitimate payment method.

“Sometimes we’ll let people pay through Bitcoin … it’s an additional form of currency … so many [of the sneakers] were paid for with the … cryptocurrency,” Trump announced. However, Trump is not the only one with a sudden change of heart on crypto.

Bitcoin Skeptic Peter Schiff Wishes He Bought Bitcoin

Renowned Bitcoin skeptic Peter Schiff, known for his advocacy of gold, now regrets not investing in Bitcoin when it was first introduced in 2010. Despite acknowledging the potential wealth he could have amassed, Schiff maintains his skepticism towards the cryptocurrency’s fundamentals.

Peter Schiff lamented missing out on the early Bitcoin wave, admitting to Real Vision co-founder Raoul Pal that he could have accumulated hundreds of millions had he invested in the cryptocurrency. However, he remains uncertain about his hypothetical actions if he had invested. Speaking with Real Vision co-founder and CEO Raoul Pal on Impact Theory on March 13, Schiff alluded that he missed the Bitcoin wave early.

Despite his regret, Schiff’s previous stance on Bitcoin remains consistent. Just months ago, he labeled Bitcoin a “pure ponzi” with no intrinsic value, emphasizing his skepticism towards its investment potential.

Schiff acknowledges that Bitcoin was considered in 2010 when its price was merely $1 but ultimately dismissed it as a “ridiculous” investment opportunity. He reiterated his lack of faith in the cryptocurrency’s fundamentals, indicating that even if he had invested, he would have done so purely as a speculative gamble.

While reflecting on what could have been, Schiff criticizes Bitcoin investors, whom he considers “greedy” and “foolish.” He suggests that had his investment succeeded, he would have shared the same “delusion” as these investors.

Despite Bitcoin’s rise, Schiff maintains his advocacy for gold, highlighting its historical stability and performance compared to Bitcoin. He expresses concern over Bitcoin’s potential decline, warning investors of possible repercussions.

As spot Bitcoin exchange-traded funds (ETFs) gain traction, analysts now suggest Bitcoin encroaches on the gold market cap. Schiff acknowledges this shift but remains cautious about Bitcoin’s long-term sustainability.

Schiff compares the performance of gold and Bitcoin, noting the significant gains made by index funds like State Street’s Standard & Poors 500 ETF (SPY). He highlights gold’s modest performance compared to other investment avenues.

Despite his reservations, Schiff acknowledges Bitcoin’s position as the eighth-largest asset by value, trailing only gold and a few prominent tech stocks. However, he remains steadfast in his skepticism towards its long-term viability.

Peter Schiff’s admission of regret over not investing in Bitcoin underscores the cryptocurrency’s enduring impact on the financial landscape. Despite recognizing its potential for wealth accumulation, Schiff’s skepticism towards Bitcoin’s fundamentals remains unwavering, emphasizing his enduring advocacy for gold as a stable investment avenue.

Dr. Doom Nouriel Roubini Adds to The List

Renowned economist Nouriel Roubini, often referred to as “Dr. Doom” for his pessimistic economic forecasts, has announced the launch of his cryptocurrency token, challenging his long-standing criticism of the crypto industry.

Roubini has been a vocal critic of cryptocurrencies, labeling them “totally corrupt” and the “biggest criminal heist in human history.” However, his asset management company, Atlas Capital, is now venturing into the crypto space

Atlas Capital unveiled the Atlas Climate Token, a blockchain-based stablecoin backed by a diversified portfolio of tangible real-world assets. These assets include gold, commodities, inflation-hedged government bonds, and climate-resilient real estate investment trusts

Roubini’s Stance on Crypto

Roubini’s bleak economic forecasts, including warnings of runaway inflation, financial crises, and global catastrophes, align with the investment strategy behind the Atlas Climate Token. Investors are advised to hedge against these risks by allocating funds to assets with proven track records.

Atlas Capital claims that the stablecoin’s underlying investments have demonstrated a remarkable track record, boasting profits in 48 out of the last 51 years, with an average return of 8.2%. This outperforms traditional fiat currencies, such as the US dollar. Additionally, Atlas Capital intends to launch an exchange-traded fund (ETF) in the first quarter of 2024, further expanding its presence in the digital asset market. However, not everyone has yet been convinced by the recent bull market.

Still a Critic: Ben McKenzie’s Calls Crypto a Ponzi

Ben McKenzie, known for his role in The O.C., unveiled a startling exposé on cryptocurrencies in his latest book, “Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud” having transitioned from Hollywood to activism. McKenzie speaks on the deceptive allure of cryptocurrencies.

He argues that cryptocurrencies prey on the disillusionment with the current financial system, offering false promises of wealth and security. Despite his past fame, McKenzie has emerged as a leading voice against cryptocurrencies. His journey from a University of Virginia economics student to a vocal critic of crypto illuminates the dangers lurking beneath the surface of this digital phenomenon.

McKenzie condemns the “Hollywoodization” of cryptocurrencies, highlighting the role of celebrities like Matt Damon and Kim Kardashian in promoting these digital assets. He argues that their influence has perpetuated a culture of hustle and greed.

While acknowledging the allure of AI in the crypto sphere, McKenzie remains skeptical of its promises. He warns against falling victim to tech utopianism, emphasizing the need for regulatory scrutiny to prevent future financial crises.

Source