Peter Schiff on Why Bitcoin Will Never Reach $69,000 Again ⋆ ZyCrypto

Peter Schiff, chief market strategist at Euro Pacific Asset Management, has hit out at benchmark cryptocurrency Bitcoin (BTC), saying it will never again reach its November 2021 (ATH) all-time high of $69,000.

In a tweet, the long-time Bitcoin skeptic gave the reason for his claim that the rise to $69,000 was a scam facilitated by unprecedented crypto advertising and speculative purchases funded by leverage. He backed this claim with the FTX exchange bankruptcy, claiming that the Bitcoin mania is over.

“A year ago, Bitcoin reached $69,000. One of the main reasons for the spectacular rally was all the leverage that funded unprecedented #crypto advertising and speculative buying. The #FTX bankruptcy proves that the entire rally was a scam. It will never be repeated. Bitcoin -craze is over,” Schiff wrote.

The comment is not the first time the popular American broker and Gold bug has announced the demise of Bitcoin, which he believes is headed for zero in the long term. Following BlockFi’s announcement that they were suspending withdrawals, Schiff noted that investors should sell their BTC if they could.

Schiff also predicted in August that BTC was headed for $10,000 and advised people to get out of the market while they still have profits. He also has a similar opinion of the second largest cryptocurrency, Ether (ETH), and the rest of the crypto market.

BTC price falls further from ATH

Schiff’s admonition comes at a time when the pioneering cryptocurrency is down roughly 75.5% from its all-time high (ATH). BTC is currently trading at $16,850, up 1.81% on the day, according to data from CoinMarketCap at the time of writing.

This is a small recovery from the plunge to a two-year low of $15,702 earlier this week on the back of revelations that FTX had a gap of around $8 billion in its books. The saga has continued to play out as FTX has filed for bankruptcy and is also said to have been hacked.

The contagion from the stock market collapse has had a cross-crypto market effect that has caused the market capitalization to fall below $900 billion.

Regardless, Bitcoin still maintains its position as the best performing asset of the past decade. Per data from Case Bitcoin, which tracks the return on investment (ROI) of several asset classes versus the dollar, BTC has recorded a 154,890% ROI over the past decade compared to gold’s 3%.