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Bitcoin critic Peter Schiff continues to discredit cryptocurrencies despite being proven wrong multiple times. He believes that digital assets have no merit, even though Bitcoin’s price is still above $42,000. Recently, Bitcoin experienced a surge in price, reaching $44,000, which contradicted Schiff’s bearish predictions. However, some traders began selling their holdings, causing a temporary drop in price to around $40,654. Currently, Bitcoin is trading at around $42,200, giving Schiff more ammunition to criticize the cryptocurrency.
Schiff drew an analogy between Bitcoin’s price setback and a football game, claiming that Bitcoin received a “bigger beatdown” than the losing team. Critics were quick to remind him of his past anti-crypto stance, including his prediction in 2018 that Bitcoin would fall below $750, when it actually dropped to a daily low of $3,795.
Schiff’s predictions about Bitcoin’s price have consistently been proven wrong. He advised HODLers to sell their Bitcoin when the markets crashed in May 2022, predicting that it would go below $10,000. In December, he predicted that it would tank below $5,000, which also did not happen. Recently, he warned of a “spectacular” crash in Bitcoin’s price, believing that the introduction of Bitcoin Exchange Traded Funds (ETFs) would cause the price to crash. However, most analysts believe that ETFs would be bullish for Bitcoin’s price.
Schiff’s negative views on Bitcoin stem from his strong belief in gold as a superior investment. While gold remains a smart investment, his anti-crypto rhetoric is seen as bizarre. Bitcoin is not here to replace gold, at least not yet.