This financial hoax predicts BTC’s future only to see a crash, here’s why…
Investor, financial commentator and managing director of Euro Pacific Capital, Peter Schiff, did one prediction on Twitter about the future of Bitcoin [BTC]. He claimed that the institutional use of cryptocurrency is coming to an end.
In addition, BTC non-believers warned investors to be prepared for the next BTC crash.
The #Bitcoin pumps on @CNBC throws nothing but softballs to @novogratzwhich basically admitted that the entire Bitcoin rally was driven by existing #HODLers buy more. Institutional adoption is over. The #blockchain letter has run out of chain. Get ready for the next crash.
— Peter Schiff (@PeterSchiff) 11 April 2023
Schiff also chastised CNBC for failing to ask Galaxy CEO Mike Novogratz probing questions. He alleged that members of the news staff are “Bitcoin pumpers.”
What went down?
The financial commentator claimed that Novogratz himself stated that BTC’s recent rally was driven solely by existing holders buying more. He further stated that it was not due to institutional adoption.
Schiff claimed that excitement surrounding BTC’s underlying technology was waning and warned investors of an impending crypto crash. Schiff was also skeptical about the cryptocurrency’s long-term viability.
Furthermore, a vocal critic of the cryptocurrency for years, he shares his views with several members of Congress in the United States He once compared crypto to a Ponzi scheme.
However, Peter Schiff’s pro-crypto investor son, Spencer Schiff, reminded him that he once predicted that BTC would be well below $10,000 by 2023. Spencer, on the other hand, remained a little too bullish about the token’s future.
You thought bitcoin would be below 10K by now
— Spencer Schiff (@SpencerKSchiff) 11 April 2023
In a interview with Mike Adams last month, Schiff stated that digital gold is an option likely to be adopted by global economies. However, he was skeptical about BTC’s ability to become one of the digital currencies of the future.
He also stated that people will start trading digital gold via blockchain technology or private companies that tokenize the metal. Furthermore, a rapid weakening of the dollar will lead to a transition to digital currencies. However, Schiff did not see BTC as a viable option.
Does bearish sentiment make sense amid a bullish market?
Whether Schiff’s prediction about the next BTC crash is true or not is still a matter of debate. Nonetheless, his comments reflect a broader debate about the future of BTC and other cryptocurrencies, with some investors optimistic about their prospects and others skeptical.
However, predicting the future course of Bitcoin remains a difficult terrain as it has consistently defied market expectations. Just a day ago, BTC crossed the $30,000 price mark and at press time was trading at $30,001.98.
