Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022

Bitcoin has been the subject of a lot of debate on crypto Twitter (CT). Bitcoin skeptic and gold supporter Peter Schiff has been having a field day criticizing Bitcoin, pointing to the drop in price as evidence that Bitcoin cannot be compared to gold. He has now been called out by the CEO of Galaxy Digital, Mike Novogratz, who raised a wager for them to bet on the price of Bitcoin in one year.

Mike Novogratz calls out Peter Schiff on his crypto stance

The CEO of Galaxy Digital, Mike Novogratz, and the CEO and chief global strategist of Euro Pacific Capital Inc, Peter Schiff had a go at each other on account of Bitcoin in an exchange on Twitter. In response to Schiff’s critical comments on the performance of Bitcoin, the crypto market, and crypto proponents, Novogratz raised him a wager to make sure he has some “skin in the game.”

Novogratz suggested that they bet $1 million to be given to a charity of their choosing if the price of Bitcoin is below $35,000 in one year from now.

Peter Schiff, I’ll bet $1mm to the charity of either of our choices that $BTC is higher than 35k a year from now. You on?

Not getting a response from Schiff, he has revised the stake to 1000 push-ups completed in a single day. “I just want you to have skin in the game vs just words,” Novogratz said.

Remarkably, the exchange started from a tweet by Novogratz where the ex-hedge fund manager speculated that the price of Ethereum (ETH) would find support at $2,600. Schiff commented that ETH had already fallen below the speculated support and is surely headed to sub $1000 levels even as crypto analysts continued to change their expectations.

Schiff has been having a field day of criticism amidst the current crypto market crash. He recently stated that the Bitcoin market was still poised  for a flash crash. He maintains that Bitcoin cannot be compared to gold and that all cryptocurrencies were headed to zero in the long term.

Crypto market participants remain divided as to where the market is headed

The crypto debate has been going on even among crypto market natives. On the one hand, crypto bears such as the pseudonymous analyst Cryptowhale have predicted that this market crash will be the mother of all crashes. Other bears have argued that Bitcoin is no longer an inflation hedge asset or even a non-correlated asset as it has been in free fall like the stock market.

On the other hand, bulls have pointed out several bullish market signals that indicate that the market will bounce back bigger from the downturn. According to the CSO of Human Rights Foundation, Alex Gladstein, all the evidence confirms that Bitcoin is currently the best inflation hedge. On the day, Bitcoin is trading at $35,333, up 2.35%.