In a recent tweet, renowned financial analyst and bitcoin critic Peter Schiff warned of a significant drop in bitcoin. He expressed his belief that risky assets such as cryptocurrencies would break hard, including Bitcoin BTC.
Schiff’s tweet comes as Bitcoin has been trading between $22,000 and $28,000 over the past 7 days. Schiff was also typically skeptical of Bitcoin’s potential as a long-term investment.
In previous tweets about cryptocurrency newshe even claimed that despite Bitcoin rising 20% after the US Federal Reserve’s policy change announcements, gold is still the best way to hedge against inflation.
Recall that Peter Schiff is a highly respected financial analyst in financial circles. He is often invited to give his point of view on the economy and other financial issues during interviews or discussions.
He is a strong supporter of gold and is heavily invested in this asset. It is possible that Peter Schiff’s dissatisfaction with Bitcoin is due to the fact that this cryptocurrency is considered by many to be digital gold when according to him Bitcoin is not a safe asset.
He is at note that bitcoin crypto currency has most likely diverted some of the investment that would traditionally have gone into gold, which could potentially dampen gold’s upside. Thus, we understand better why Peter Schiff does not carry this crypto-asset in his heart.
Finally, the fall that Schiff predicts for Bitcoin does not seem to be happening right now, as the cryptocurrency has been holding in a range of around $26,600-$29,000 for several weeks.
However, the possibility of a drop is possible, given that the price of BTC was unable to break through the upper resistance.
In conclusion, it’s clear that Peter Schiff remains an outspoken critic of bitcoin, as well as being a staunch defender of gold.
Despite its repeated calls to ditch Bitcoin as a financial asset class in which to invest, the cryptocurrency seems to continue to resist its predictions, at least for now.
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