• Peter Schiff, CEO and chief global strategist of Euro Pacific Capital, is well-known for his bearish views on the US economy and the Federal Reserve.
• Schiff believes that Bitcoin is significantly closer to its ceiling than to its floor, and he has been widely critical of cryptocurrency.
• Despite the recent growth of 27%, Schiff continues to express his disdain for Bitcoin and advises people to sell.
Peter Schiff is an American businessman, investment broker, author, and financial analyst who is the CEO and chief global strategist of Euro Pacific Capital. He has become renowned for his pessimistic outlook on the US economy and the Federal Reserve, as well as his criticism of government spending and economic intervention. His views have also extended to the cryptocurrency market, and he is a vocal critic of Bitcoin.
Schiff believes that Bitcoin is significantly closer to its ceiling than to its floor, and he has recently stated that the yellow line that was previously seen as support is now viewed as resistance. He has recommended that those interested in investing in Bitcoin should sell now, as the upside potential is small and the downside risk is great.
Despite the fact that BTC has grown 27% since his prediction, Schiff remains a vocal critic of Bitcoin, and has recently advised people to sell. He believes that the entire rally is set to reverse and that the price of Bitcoin will drop below where it was at the start of the rally. He has been particularly vocal in his criticism on social media, where he has been regularly trolled for his anti-Bitcoin stance.
It is clear that Schiff’s views on Bitcoin are unlikely to change anytime soon. However, it remains to be seen if the price of Bitcoin will reach the heights that its advocates are predicting, or if Schiff’s bearish stance will ultimately be vindicated.