Peter Schiff Slams Bitcoin: BTC Bubble About to Burst?
Renowned gold supporter Peter Schiff contends that Bitcoin is now expensive and not on sale. His remark is a prime illustration of his enduring pessimism over Bitcoin, the most popular cryptocurrency in the world. At the current price of about $100,000, he said, Bitcoin is absurdly expensive. According to him, Bitcoin lacks inherent value, which means it is not backed by anything material and does not generate cash flow. Therefore, he contended that a six-figure price is ludicrously disconnected from reality. According to Schiff, the surge in Bitcoin prices is a speculative bubble that will shortly explode.
Schiff Urges Investors to Sell Bitcoin at $100K
He believes that after it crashes, coin owners won’t be able to sell at high prices. Schiff is essentially advising consumers to liquidate their holdings while Bitcoin is still trading at $100,000. He advised investors to sell their Bitcoin and get stocks, real estate, and real assets like gold, which is Schiff’s preferred asset.
Schiff Sparks Debate After Latest Anti-Bitcoin Remarks
His remark, however, sparked debates in the online cryptocurrency world, with many people disagreeing with his viewpoint on Bitcoin. Every time Schiff tweets something full of FUD, the market typically sees a bullish price reversal, according to one commenter who congratulated him. Schiff responded by pointing out that Bitcoin is down 25% since reaching its October peak and that he has been publishing nearly every day.
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