TL;DR Breakdown
- Schiff believes Bitcoin bubble would burst eventually.
- Bitcoin currently trades at $50,000.
Popular Bitcoin naysayer, Peter Schiff despite admitting his predictions about Bitcoin not hitting $50k were wrong, still believes that Bitcoin is a bubble that would eventually burst in the near future. Peter Schiff who is more of a gold proponent explained in a tweet on Tuesday what a bubble is and said Bitcoin is the biggest bubble, even at $50k.
Bitcoin price hit $50k
The number one cryptocurrency hit a new all-time high today, at $50k after facing so much resistance at that level. Hopes have been high for the pioneer cryptocurrency to hit the level before it did today especially after reaching $49k on Friday. It faced certain pullbacks and corrections before $50k on Tuesday.
At press time, Bitcoin price has retracted a bit but is still charting a daily increase of around 3 percent. The crypto king has been on an unprecedented surge in 2021 alone. It has surged by 72 percent since the beginning of the year. However, amidst this growth its way up has not been all smooth, having had to dip, face resistance, and corrections at many points before finally making it to $50k.
Weeks back, BTC price dropped from an All-Time High of $41k to $31k in less than 48 hours. Only Bitcoin believers were rewarded after a month as the crypto finally hit $50k.
Peter Schiff remains crypto skeptic amidst $50k rise
Peter Schiff has been on Bitcoin’s neck since the crypto came into limelight. In 2019, he got into an argument with Thomas Lee on Twitter about Bitcoin and its flaws. Several times, the economist has bashed Bitcoin without remorse. Last month, he said the asset is fueled by “false hope” and should demand falter, a crash was on the cards.
He had also referred to Bitcoin in an interview with KITCO news as being ‘simply a Ponzi scheme’. He opined then that the price was supported solely by demand, and when this demand falters, the “greater fool” will be left holding onto the losses.
In today’s version of Schiff’s slander on Bitcoin, he tweeted, “A financial asset is in a bubble when its price has no relationship to its underlying present value or a reasonable expectation of its future value, and investor conviction in price appreciation is high and fear of loss is low. At $50K Bitcoin is the biggest bubble of them all.”
