Bitcoin (BTC): Schiff's grim predictions

Like Warren Buffett, Peter Schiff is one of those investors who never believed in bitcoin (BTC). Regularly, the latter launches diatribes calling for leaving the BTC ship, doomed according to him to sink.

A spectacular fall in bitcoin in sight according to Peter Schiff

Peter Schiff misses no opportunity to call on investors to jump ship bitcoin (BTC). As the queen of crypto recently hit the $30,000 milestone, the investor has once again spoken out about her future.

The latter would be dark. In line with his stance on the flagship crypto, Schiff believes it won’t last long. According to him, the recent craze of which it is the object should soon weaken. This projection would be the cause of the next debacle that would hit bitcoin in the near future.

Schiff’s point is that the flagship crypto’s recent rally is not due to a massive craze from institutional users. A position notably defended by Mike Novogratz, CEO of Galaxy Digital and fervent supporter of bitcoin.

For Schiff, this renewed interest in BTC would rather be the consequence of a sustained purchase by existing holders. A worrying sign, he said. Because this would confirm the limits of the adoption of the flagship crypto.

This, by highlighting, its lack of economic viability in the long term. Which, he adds, says a lot about its low reliability contrary to the ideas conveyed by bullish cryptos.

Be that as it may, Peter Schiff’s analysis is the culmination of the opinion of a certain class of Americans. These investors defend the idea that a viable investment must include a certain number of criteria. And bitcoin, according to them, does not meet these.

In fact, the invectives between them and the fervent defenders of bitcoin, like Anthony Scaramucci, are not on their terms. For now, bitcoin is continuing on its strong surge that began in early 2023. Currently, it is trading at $30,900. That’s up 2.73% in the past 24 hours, and 10.62% in the past week.

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