Now the hour has come – the American economist and stock broker Peter Schiff sees his warnings confirmed in view of the recent BTC price correction. He is considered one of the best-known Bitcoin critics, after all, he compared the oldest cryptocurrency in November 2013 of a CNBC interview with the tulip bubble in 17th century Holland. At that time, the narrative of “digital gold” was just emerging and Bitcoin was trading after a rapid rise in price about $355. If Schiff had invested in BTC at this point, he could now enjoy a return of more than 10,000 percent in US dollars. That’s why he regretted it last week on the Impact Theory Podcastthat he did not dare to play a “Bitcoin game” at the time.
However, Peter Schiff is now back in the old mode and is warning Bitcoin hodlers in a new one Post on X. He now compares the euphoria caused by the recent price rally with the situation in November 2021, when Bitcoin reached its then record high at around 69,000 US dollars. Just recently it was broken, making BTC’s all-time high according to coingecko was marked at $73,737 on March 14th. Since then, the price has corrected by 13.3 percent (1:40 p.m. CEST), but Peter Schiff doesn’t expect anything good because he sees potential for a crash of over 80 percent due to the current even more bullish mood. Do Bitcoiners need to wrap up warm now?
The new danger posed by Bitcoin ETFs
Predictions are difficult, especially when they concern the future. Therefore, it cannot be ruled out that Peter Schiff is actually right this time and that Bitcoin will soon be trading below $15,000 again. And what can certainly be granted to him: despite criticism, he remains true to his unpopular opinion and does not jump on the bandwagon in the middle of the hype. He still seems confident in the long term his Bitcoin prediction from March 2021: “While a temporary rise to $100,000 is possible, a permanent decline to zero is inevitable.” However, he could also be completely wrong.
Apparently in the mood, Peter Schiff immediately followed up on X and expressed his concerns about Bitcoin ETF trading. He is particularly worried about new BTC ETF investors because of the limited liquidity, because outside of US stock exchange opening hours they would have to watch helplessly as the price falls. A compassionate gesture, but the same applies to gold ETF trading, which also gave his favorite store of value a high fiat return. Gold permabull Peter Schiff remains true to his opinion, so only one big question remains: When will the ultimate debate with Bitcoin permabull Michael Saylor take place? This battle of giants would probably put even Godzilla versus Kong to shame.
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