- Gold fanatic and Bitcoin critic, Peter Schiff has made a bold remark calling on publicly traded companies to sell all their assets and buy Bitcoin.
- The analyst notes that such a move would lead BTC to reach a value of millions, making a majority of holders millionaires.
Bitcoin critic and gold enthusiast Peter Schiff has stirred investor interest with his recent call on publicly traded companies to buy Bitcoin (BTC). In a recent post on X (formerly Twitter), the economist discussed the possibility of all publicly traded U.S. companies selling 100% of their assets, closing down operations, firing all employees, and using their proceeds to buy Bitcoin (BTC).
The analyst continues to conclude that this would drive BTC prices to the millions and turn a majority of holders into millionaires. The analyst poses that a single BTC would be worth millions, a prediction shared by a number of key Bitcoin advocates.
With the analyst suggesting that the companies sell all their assets to make this investment, this is nearly impossible and suggests he is being sarcastic. However, it remains likely that all or most will buy into BTC, adding the coin to their portfolios or reserves. This in itself could largely influence the circulating supply by driving demand and pushing BTC prices higher.
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
A report from last year revealed that over 99 companies hold Bitcoin. These companies include Microstrategy which owns the most BTC, Tesla, Block Inc., Coinbase Global Marathon Digital Holdings, and Galaxy Digital Holdings. Significantly, over 15,000 businesses worldwide accept Bitcoin, including about 2,300 companies in the United States.
Market experts note that more companies will join this trend with the launch of Bitcoin spot ETFs. The launch of the investment vehicle offers a simple, regulated, and easy way to invest in Bitcoin while avoiding the complexities of holding or understanding the technical aspects of the digital asset.
In addition to being adopted by companies, there is an expectation that the digital asset will be adopted by world governments. El Salvador became the first country to make Bitcoin legal tender, with other countries expected to follow suit. Recently, there has been speculation that Argentina and El Salvador held talks on Bitcoin adoption in Argentina. However, El Salvador’s National Bitcoin Office has disputed such claims.
There was no bitcoin policy discussion between any senior officials of El Salvador and Argentina.
This was merely a very ordinary exchange of information between two regulators related to digital securities regulations. https://t.co/t6kQhECjij
— Stacy Herbert 🇸🇻🚀 (@stacyherbert) May 27, 2024
Additionally, as CNF reported, Presidential candidate Donald Trump who has publicly confirmed that he will make the U.S. a crypto and blockchain leader, has enquired about the feasibility of Bitcoin to tackle the U.S. rising debt.
Bitcoin (BTC) Price Outlook
At the time of writing, BTC is trading for $67,925 after a bearish couple of days. In the last 7 days, the leading cryptocurrency has undergone a 3% correction after failing to hold the $70,000 support.
The recent price represents an 8.3% drop from its all-time high of $73,737 reached nearly 3 months ago. Market experts remain confident of retesting this high soon and reaching over $100,000 by the end of the year.
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