Widely-followed cryptocurrency analyst Willy Woo threw a jibe at economist Peter Schiff for attempting to stay relevant by dunking on Bitcoin BTC/USD.
What Happened: On Thursday, Woo took to X to describe a rather unique perspective on Bitcoin. He said that the leading cryptocurrency was more than just a digital form of money, instead likening it to a “squatter living rent-free in people’s minds.”
“After a while, there's only 2 paths: you buy it and become rich or you keep hating and turn crazy,” Woo added.
See Also: 18 Republican States Sue Biden’s SEC Over Harsh Crypto Crackdown
Woo’s remark was in response to Schiff, who sarcastically suggested that the Social Security Trust Fund should sell all of its Treasuries to buy Bitcoin.
Schiff’s comment was a tongue-in-cheek critique of Bitcoin’s volatile nature and the potential economic catastrophe he believed could ensue if the U.S. government were to establish a Bitcoin BTC/USD reserve.
Why It Matters: Schiff’s views on Bitcoin have been controversial, and many have accused him of doing engagement farming by repeatedly mentioning the coin in his X posts.
His critics believe he secretly owns Bitcoin, in contrast to the overtly critical positions he takes on social media. The economist has consistently denied this claim
Earlier this week, Schiff dismissed Bitcoin’s bull run as a “popular delusion” and “madness of crowds,” predicting staggering losses when the bubble finally pops. He has also warned that if the U.S. government began buying Bitcoin, it could trigger a market crash.
Price Action: At the time of writing, Bitcoin was trading at $88,160.96, down 2.36% in the last 24 hours, according to data from Benzinga Pro. The coin was up over 16% in the last week.
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