• Peter Schiff is a businessman, financial analyst and investment broker well-known for his bearish views on the US economy, Federal Reserve, and government spending.
• He recently predicted that Bitcoin would never reach $100,000, and that the wise course of action would be to sell.
• Despite this, BTC has performed exceedingly well and grown 27%, making Schiff’s prediction look ridiculous.
Peter Schiff is a highly-regarded businessman, investment broker, author, and financial analyst from the United States. He is the CEO and chief global strategist of Euro Pacific Capital, a foreign market investing firm. Schiff is well-known for his bearish views on the US economy and the Federal Reserve, as well as his criticism of government spending and economic intervention.
He has also been widely critical of cryptocurrency, especially Bitcoin. Recently, he predicted that Bitcoin would never reach $100,000 and that the wise course of action would be to sell. His claims were based on the fact that the yellow line that was previously considered support is now considered resistance, and that the upside potential is so small and the downside risk is so great.
However, despite his pessimistic predictions, BTC has performed exceedingly well since his statement and has grown 27%. This has made him look ridiculous, and many people have taken to social media to troll him. Despite this, Schiff continues to criticize Bitcoin and has stated that he anticipates “the entire rally” to reverse and for the price of Bitcoin to plummet below where it was at the start of its rally.
This has sparked a heated debate among crypto enthusiasts, with many pointing out that Schiff’s predictions have been wrong repeatedly in the past. While it remains to be seen if Bitcoin will ever reach $100,000 or not, one thing is for sure: Schiff’s comments have been met with strong opposition from many in the crypto space.