Peter Schiff finally won the big Bitcoin (BTC) advocate to his side

Two prominent figures, Peter Schiff and Mike Novogratz, recently found themselves on the same side of an argument, albeit with contrasting points of view.

Schiff, a seasoned economist and gold enthusiast, expressed concern about a possible Supreme Court ruling that could redefine unrealized appreciation of income and taxes, posing a threat to property rights. Novogratz, a well-known Bitcoin advocate, responded sarcastically, marking a rare moment of agreement between the two.

Peter Schiff’s warning

In a recent post, Schiff warned of a possible Supreme Court decision that could redefine income to include unrealized gains on any assets. Schiff expressed fear that such a ruling could empower the federal government to effectively nationalize all of the nation’s assets.

In Schiff’s opinion, this legal change could force Americans to sell their assets to cover their tax obligations, and the federal government would emerge as the possible buyer, paying with almost worthless papers. She warned that such a decision could render the Constitution meaningless, undermine private property rights, and provide the legal means for a communist revolution without the need for violence.

In response to Schiff’s post, Bitcoin advocate Mike Novogratz surprisingly agreed with the position, punctuating his statement with a laughing emoji. This unexpected alignment of views between the two figures attracted the attention of the crypto community, sparking debates about the potential impacts of government intervention on individual assets.

I finally agree with @PeterSchiff!!!😂 https://t.co/D89iHknLoF

– Mike Novogratz (@novogratz) December 7, 2023

Schiff’s forecast on gold and Bitcoin

Despite his reservations about Bitcoin, Schiff remains a strong supporter of gold. Recently, he predicted that a breakout in gold prices could signal challenges for Bitcoin. Schiff often refers to Bitcoin as “gold 2.0,” drawing parallels between the two assets in their role in preserving value in times of inflation and market uncertainty. This outlook reflects Schiff’s strong commitment to traditional store-of-value assets.

On the other side of the spectrum, Mike Novogratz recently expressed optimism about the resilience of the crypto industry. He acknowledged a major purge of bad actors during the 2022 market crash and believes most of them have left the scene.

Novogratz is also one of the proponents who believes a Bitcoin spot ETF is imminent.

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