Peter Schiff Attacks Bitcoin, But Admits Error

This morning Bitcoin is taking a bit of beating and we will likely see Bitcoin haters like Peter Schiff saying it is the beginning of the end for bitcoin.  Looking at the Bitcoin chart above, I think it will likely drop but is still on a very bullish trend.  Bitcoin investors should become concerned if it breaks $40k.

In the euphoria surrounding the attainment of the psychological $50,000 barrier by Bitcoin (BTC) for the first time ever, the price dropping from $41,450 to $30,261 in under 48 hours now seems like a distant memory, even though it happened just a month back. That drop a month back shook out many traders and liquidated billions in leveraged positions. The pickings were rich for those who held on.

Though the price has retracted a bit from the $50,000 peak, it still represents a 7-day gain of 7%. As reported by CryptoPotato, it means a return of 72% for investors in 2021 alone. If the reckoning period is stretched back to 2020 lows during the crash in mid-March, the return on investment is a whopping 1200%.

But not everyone is celebrating.

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Well-known economist, gold proponent (aka “Gold Bug”), and one of the most vocal critics of Bitcoin, Peter Schiff, for one.

Though he has admitted he was wrong in predicting that Bitcoin will not touch $50,000, he is not changing his mind about the cryptocurrency being “the biggest bubble of them all,” bereft of any intrinsic value, any time soon.

In 2019, Schiff had a spat on Twitter with well-known Bitcoin permabull Thomas Lee, the chief analyst at Fundstrat Global Advisors. It had started with Lee commenting on a Schiff article making a prediction of gold hitting $5k in two years. Everyone knows gold is nowhere near that mark.

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Choosing attack as his means of defense, Schiff called out Lee for his failed BTC prediction in 2018, saying “gold will eventually hit 5K. Bitcoin will never hit 50K.”

Though the economist said he was wrong, Peter Schiff wouldn’t be Peter Schiff if he did not stick to his guns and question how long it would stay above $50K and how many investors would be smart enough to sell out at these levels.

For the record, I believe that Schiff is correct on many things, especially the out-of-control spending by the government and constant Fed involvement in the markets. The question I have, is it possible to be BULLISH on Gold and Bitcoin, and can’t we all be friends?

 

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