Poker pro Mike McDonald on cryptocurrency

Posted on: May 18, 2020 08:55 PDT

The longtime Bitcoin fan calls out two crypto opponents after they have been proven wrong

Poker champion Mike McDonald has always had a fondness for Bitcoin, and he recently took an opportunity to share some words of praise to the most passionate detractors of the first, and still leading, cryptocurrency, Bitcoin (BTC). McDonald used his Twitter account to pay some respect to both Peter Schiff and Nouriel Roubini, who have been among the loudest Bitcoin critics - praising them for their conviction.

"On one hand I've got to pay a lot of respect to permabears like @PeterSchiff, and @Nouriel. I respect the conviction to be able to tell people to stay away from something even after years of (thus far) being wrong," said the tweet. Both Schiff and Roubini have more things in common than being just avid Bitcoin critics - both gained worldwide fame after predicting the global financial crisis experienced in 2008-2009. Another idea they shared is regarding Bitcoin back in 2010. They said that it was nothing more than a fad, and were forced to watch as they were proven wrong amid BTC's gains.

Later, on April 23, when Bitcoin dropped another 40% - below $58 - Roubini posted a famous tweet, "In good company with Gold. @Convertbond: While everyone was focused on Gold and Silver, #BITCOIN dropped another 40%, traded below $58." Meanwhile, Schiff has been a Bitcoin critic since June 2011 when he questioned whether this digital currency would ever be accepted by anyone in the following years.

According to McDonald, the fact that prominent entrepreneurs remain skeptical of Bitcoin is only a 'safe social risk/reward." Even Musk claimed back in January that cryptocurrencies are bound to replace cash during a podcast. More recently, he tried to explain what Bitcoin is and how it works to J. K. Rowling and confirmed that he still owned only 0.25 Bitcoin.