Renowned gold enthusiast and critic of Bitcoin, Peter Schiff, has made a bold statement urging publicly traded companies to liquidate all their assets and invest in Bitcoin. According to Schiff, such a move would cause the value of BTC to skyrocket into the millions, turning the majority of Bitcoin holders into millionaires.
In a recent post on X (formerly Twitter), the economist discussed the hypothetical scenario of all publicly traded U.S. companies selling off 100% of their assets, shutting down operations, laying off all employees, and using the proceeds to purchase Bitcoin. Schiff believes that this radical move would drive BTC prices to unprecedented heights, with a single Bitcoin being worth millions. Interestingly, this prediction aligns with the beliefs of several prominent Bitcoin advocates.
While Schiff’s suggestion for companies to sell off all their assets seems highly unlikely and possibly sarcastic, it is plausible that many companies will indeed invest in Bitcoin by adding it to their portfolios or reserves. This alone could have a significant impact on the circulating supply of Bitcoin, driving up demand and subsequently increasing BTC prices.
In a report from last year, it was revealed that over 99 companies hold Bitcoin, including major players like Microstrategy, Tesla, Block Inc., Coinbase Global Marathon Digital Holdings, and Galaxy Digital Holdings. Furthermore, approximately 15,000 businesses worldwide, including 2,300 companies in the United States, accept Bitcoin as a form of payment. Market experts anticipate that more companies will join this trend with the introduction of Bitcoin spot ETFs, providing a regulated and straightforward way to invest in Bitcoin without the complexities associated with holding and understanding the technical aspects of the digital asset.
In addition to corporate adoption, there is growing anticipation for governments worldwide to embrace Bitcoin. El Salvador recently became the first country to adopt Bitcoin as legal tender, and other nations are expected to follow suit. Speculation has also emerged about Argentina and El Salvador discussing Bitcoin adoption, although El Salvador’s National Bitcoin Office has denied such claims.
Moreover, it is worth noting that presidential candidate Donald Trump, who has expressed his intention to make the United States a leader in crypto and blockchain, has shown interest in Bitcoin as a solution to the country’s mounting debt.
As of now, BTC is trading at $67,925 after experiencing a bearish period. In the past week, the leading cryptocurrency has undergone a 3% correction after failing to maintain support at $70,000. Although the current price represents an 8.3% drop from its all-time high of $73,737 three months ago, market experts remain optimistic about a potential retest of this high and expect BTC to surpass $100,000 by the end of the year.