In an interview to the media, Peter Schiff again expressed his pessimism around Bitcoin. The economist still believes that the signal is heading towards $10,000, despite the exciting recent weeks. Praying during, holders sell quickly before it’s too late. So is this a bull trap or another failed prediction? Answers here!
Back to $10,000 for BTC?
Last June, the American economist already announced to anyone who would listen:
If Bitcoin falls below ,000, there is every chance that the crash will continue to land at $10,000.
Failed so far. The businessman, banker and writer maintains this prediction around Bitcoin, in an interview with Kitco News. An interview in which he details his view of Bitcoin fans and presents them as “living in their own bubble” while maintaining a “state of illusion”. According to Schiff, Bitcoin would have difficulty even regaining the all-time high, the last fall recorded for $69,000.
I think Bitcoin peaked at $69,000. The next major price move for Bitcoin is a drop to $10,000.
In that same interview, Schiff urges holders to jump ship and take advantage of this latest big bull run. But can the prediction be taken 100% seriously?
Predictions to be taken with a grain of salt!
We have known it for some time, Peter Schiff is one of the strongest opponents of Bitcoin. If he was sometimes right about the direction the mother of cryptocurrencies was taking, he was also often wrong. In particular, being part of the prophets of the apocalypse who continuously predict the death of Bitcoin.
As a gold miner, Schiff seems to be even more against Bitcoin after losing access to his wallet containing Bitcoin. A paradox that the businessman explains with donations from the BTC community that tried to convince him of the usefulness of crypto. For many, Schiff overestimates Bitcoin and the broader digital asset market. A position that could only be a maximum golden metal posture, he was afraid of the idea that Bitcoin will gradually come to take this role. Either way, at the time of writing, Bitcoin is trading near $24,200. A decrease of 2.13% in the last 24 hours.
Investors are afraid of Peter Schiff!
If it seems difficult to predict that the market will continue to be bullish in the long term, it is equally difficult to basically assert otherwise. In 2021, there was a very strong media craze in the crypto market. Momentum, especially driven by the many partnerships between celebrities or sportsmen and the various players in the crypto universe. A momentum that has also been widely promoted with the rise of NFTs or the metaverse. According to Schiff, these elements have artificially inflated the crypto market.
To support his point of view, the American billionaire cites many disappointments in recent months. Starting with the collapse of Terra’s ecosystem, the real outcome from it cannot be truly measured in the long term. Schiff also mentions in his interview A MicroStrategy Company, known for its appetite for Bitcoin. In recent months, the company has posted losses of over $1 billion on its BTC reserves. Peter Schiff also justifies his argument with the strategy of Tesla, another company that is convinced by Bitcoin. The last quarterly report showed that the company had also unloaded 75% of its Bitcoin holdings.