Peter Schiff, a well-known critic of Bitcoin and a strong advocate for gold, has made a bold statement urging publicly traded companies to sell off all their assets and invest in Bitcoin. Schiff believes that such a move would skyrocket the value of Bitcoin, making a majority of its holders millionaires.
In a recent post on X (formerly Twitter), the economist discussed the possibility of companies in the United States selling 100% of their assets, shutting down their operations, laying off all their employees, and using the proceeds to purchase Bitcoin. Schiff predicts that this massive influx of funds into Bitcoin would drive its prices to the millions, a prediction that is shared by many Bitcoin supporters.
While it seems unlikely that companies would actually sell off all their assets for this purpose, it is still probable that many of them will invest in Bitcoin, adding it to their investment portfolios or reserves. This alone could significantly impact the circulating supply of Bitcoin, driving up demand and consequently increasing its price.
Schiff’s tweet has sparked investor interest and raised the question of what would happen if all publicly traded U.S. companies followed his advice. The market capitalization of U.S. stocks would soar, and everyone would become rich, according to Schiff.
It is worth noting that over 99 companies already hold Bitcoin, including notable names like Microstrategy, Tesla, Block Inc., Coinbase Global Marathon Digital Holdings, and Galaxy Digital Holdings. Furthermore, over 15,000 businesses worldwide, including 2,300 in the United States, accept Bitcoin as a form of payment.
Market experts predict that more companies will join this trend with the introduction of Bitcoin spot ETFs. These investment vehicles provide a regulated and straightforward way to invest in Bitcoin without the complexities associated with holding or understanding the technical aspects of the digital asset.
In addition to corporate adoption, there is growing anticipation that governments around the world will also adopt Bitcoin. El Salvador has already become the first country to make Bitcoin legal tender, and other countries are expected to follow suit. Speculation has recently emerged about Bitcoin adoption discussions between Argentina and El Salvador, although El Salvador’s National Bitcoin Office has denied these claims.
Furthermore, it is worth mentioning that Donald Trump, a presidential candidate who has expressed his intentions to make the U.S. a leader in crypto and blockchain technology, has shown interest in Bitcoin as a potential solution to the country’s rising debt.
As of now, Bitcoin is trading at $67,925, experiencing a slight correction after failing to maintain support at $70,000. Despite this dip, market experts remain optimistic and believe that Bitcoin will retest its all-time high of $73,737 and potentially reach over $100,000 by the end of the year.
In conclusion, Peter Schiff’s call for companies to invest in Bitcoin has generated significant attention. While it may be unlikely for companies to sell off all their assets for this purpose, the adoption of Bitcoin by businesses and governments is steadily increasing. This, coupled with the launch of Bitcoin spot ETFs, is expected to drive demand and push Bitcoin prices higher in the future.