Investing.com – Euro Pacific Capital investor and CEO Peter Schiff, who regularly voices his views against the stock market, claimed in a tweet posted yesterday that institutional adoption is over and the next crash is imminent.
Referring to an interview with Mike Novogratz on CNBC, during which he suggested that the current BTC rally is being fueled by purchases from existing investors, rather than new entrants, Peter Schiff said that “institutional adoption is over. and warned: “prepare for the next crash”:
The investor also wrote that “the blockchain letter is no longer chained”, which could mean that the hype surrounding the underlying blockchain technology has died down.
Schiff also noted in another tweet that during the interview, Novogratz also admitted that when the price of Bitcoin rises, it is easier for his followers to convince their friends to invest, which he sees as “classic pump and dump manipulation”.
Note that several Twitter users (NYSE:) criticized Schiff’s comments, which come as Bitcoin posts further gains, now settling above $30,000.
However, Schiff remains skeptical of bitcoin’s long-term viability and has been a vocal critic of the cryptocurrency for years. In particular, he has already predicted that the price of bitcoin will fall to zero and compared it to a Ponzi scheme.