Many bitcoin enthusiasts believe that a massive bitcoin adoption is underway. Surprisingly, they seem to be a bit less informed about the rapidity of this assertion.
Recently, the United States Congress held a historical Libra hearing in which certain congresspersons made very bullish comments on the topic of bitcoin and blockchain. Not till that moment did many believe that some congresspersons might actually hold bitcoins and possibly even used it in their everyday activities when necessity required.
As bitcoin became more mainstream, many popular skeptics threw the topic of bitcoin into an issue of national concern and presidential debate. Amongst these are Peter Schiff, a popular gold bug which has a strong belief in gold as a store of value over bitcoin, Nouriel Roubini, popular economist and bitcoin critic who recently debated Arthur Hayes in Taipei and now forming a movement against the entrepreneur and Donald Trump, the President of the United States (POTUS) who recently slandered bitcoin and cryptocurrencies in general, tagging their values “based on thin- air”.
Peter Schiff Now Holds Some Thousand Dollars Of Bitcoins…
Peter Schiff has joined the league of millions of bitcoin wallets holders who hold some units of bitcoin. It came to be when Schiff began to talk more about bitcoin in relation to the gold that he caught the bitcoin fever and got some thousand dollars of bitcoin to his name by means of community donations. At the time, Schiff had bitcoin equivalence of $2800 dollars sitting in his wallet. He later tweeted,
“I have been gifted $2,800 worth of bitcoin,” Schiff said via Twitter
Although still a bit skeptical about bitcoin, he has challenged a couple of bitcoin enthusiasts to ” try to educate him” on why to buy bitcoins. One of the confirmed participants is Pompliano. The conclusion is, Schiff is now holding bitcoin, like every other enthusiast and now, seeking education about buying bitcoin(perhaps investment advice). According to Schiff,
“There are some people who think bitcoin isn’t going to work. I happen to be one of them,” Shiff said. “People want to accuse me of having bias [against bitcoin and crypto] because I like gold. There are though people who like both bitcoin and gold.”
However, Twitter data about Schiff’s frequency of bitcoin tweets has risen over the past weeks.
The Road To Adoption Paved By Trump And The U.S. Congress
Shortly before the controversial hearing of Facebook’s Libra project on the floor of the house, Donald Trump declared his sentiments about bitcoins and cryptocurrencies in general. Following this unexpected event, bitcoin rose in price the following day and has been doing good ever.
Meanwhile, some congresspersons were preparing their grand speeches in favor of bitcoin, to be read on the floor of the house. While many believed that the actual topic of discussion(Facebook Libra) was a ‘shit coin” proposition, they believe the bitcoin world “is an unstoppable force” that no government can intercept. They made the distinctions quite clear; “there is a bitcoin and then, there is a shit coin”.
When the president of the United States and his lawmakers showed a certain interest in a topic like bitcoin, the result was an 8% increase in the price of the asset over a 48-hour time frame.
Happening somewhere else, a group of “crypto big boys” lead by Tron Foundation’s Justin Sun are now prepared to lunch with the popular billionaire, Warren Buffet, on the topic of bitcoin and blockchain.
If lines fall in pleasant places, the crypto industry would have to welcome Peter Schiff and Warren Buffet to the community!
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com