• Peter Schiff is a businessman, investment broker, author, and financial analyst from the United States who has been widely critical of cryptocurrency.
• Despite Bitcoin’s recent performance, Schiff continues to criticize it, believing it is closer to its ceiling than to its floor and advising people to sell.
• He was trolled by the crypto community for his prediction that Bitcoin would never reach $100k.
Peter Schiff is a well-known 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. Since his early days, Schiff has been vocal about his bearish views on the US economy and the Federal Reserve. He has also been critical of government spending and economic intervention. Recently, however, he has been very outspoken about his thoughts on cryptocurrency, particularly Bitcoin.
Schiff believes that Bitcoin is considerably closer to its ceiling than to its floor. He argues that the yellow line that was earlier considered support is now considered resistance and thus encourages people to sell. Despite his warnings, BTC has still seen a 27% increase in its value, which has likely made Schiff’s prediction look ridiculous and caused the crypto community to troll him for his bearish stance.
Schiff has continued to criticize Bitcoin despite the fact that his recent price gains must have made him look foolish. He is still predicting that the entire rally will reverse and the price of Bitcoin will plummet below where it was at the start of its rally. He is encouraging people to sell now because he believes the upside potential is so small and the downside risk is so great.
It remains to be seen whether or not Schiff’s prediction will come true. For now, the crypto community continues to troll him for his bearish views on Bitcoin, and the price of the cryptocurrency continues to rise. Only time will tell if Schiff’s prediction will come true, but for now, it seems he will continue to be on the receiving end of trolling from the crypto community.