The popular economist has dropped warnings that the value of Bitcoin may not recover when other financial assets pick up. Even though, as you know that Bitcoin fell alongside the other financial assets. "The Bitcoin bubble popped and collectors will be selling no matter what happened to financial assets," Peter Schiff stated.
The economist shared via social media his opinions about what the future will look like for Bitcoin, and the entire crypto world in general. As we know, Bitcoin has a strong influence on the prices of almost all crypto assets. On Monday, Peter Schiff said, "The fact that Bitcoin fell along with financial assets doesn't mean that it will rise when those markets turn."
He said that Bitcoin isn't a financial asset, like most people think of it. And that Bitcoin is a collectable digital token. Peter continued, "The Bitcoin bubble popped and collectors will be selling no matter what happens to financial assets."
Peter Schiff believes that Bitcoin isn't scarce, even with the fact that BTC has a 21 million market cap. There was a tweet stating that, "Bitcoin is the scarcest and most desirable asset the world has ever seen." And Peter Schiff responded, "Bitcoin is hardly scarce and in no way desirable. If you want to lose your money, there are plenty of ways to do it. You don't need to buy Bitcoin."
Schiff went further to state that, "BTC is more like a fool's asset. So, as long as people are foolish enough to buy Bitcoin, the price will go up. Unfortunately, for Bitcoin HOLDers though, there are plenty of fools in the world. I don't think there are many left willing to buy Bitcoin who don't already own it."
Peter Schiff is the present chairman and founder of Schiffgold - a precious metals dealer who specializes in silver and gold bullion. Peter has always been skeptical about Bitcoin. He has always bashed crypto, while encouraging people to get into gold.
My Opinion
I think that Peter Schiff, just like Donald Trump and others, is a disbeliever in Bitcoin. But in recent times, we've seen that Donald Trump has made a U-turn, and now believes in crypto. Donald Trump released his own NFT collections on the Polygon blockchain, some days back. Thus, we've seen many people who bashed crypto, starting to buy crypto. I believe that Peter Schiff will make a U-turn, when Bitcoin price starts recovering with other financial markets.
bitcoin will separate from other financial markets for a while.
Thanks for coming around!
Schiff is a perma bear, would not give much about his opinion. 🤷🏼♂️
Thanks for coming around!
You’re welcome! 🙌🏻
Source of potential text plagiarism
There is reasonable evidence that this article has been spun, rewritten, or reworded. Posting such content is considered plagiarism and/or fraud. Fraud is discouraged by the community and may result in the account being Blacklisted.
Guide: Why and How People Abuse and Plagiarise
If you believe this comment is in error, please contact us in #appeals in Discord.