Bitcoin Bear Peter Schiff Pours Cold Water on Recent Rally

Peter Schiff, a well-known critic of Bitcoin, is once again casting doubt on the most popular cryptocurrency’s recent upswing and forecasting a sharp collapse in price.

It’s a good idea to have a backup plan in place, especially if you’re going to be away from home for an extended period of time. Both gold and bitcoin prices have merely reverted to their February highs, but only gold’s recovery is long-term, claims Schiff. In another tweet, Schiff urged anyone who was holding off on purchasing gold or gold mining equities in order to wait for a real Fed pivot to do so.

According to him, the most recent development represents a pivot and is as near to a “engraved invitation” to buy gold from the Fed as you’ll ever get. Ethereum (ETH) is up 9% as a Whale Goes on a Buying Spree: Information Moreover, Schiff asserted that the Fed’s bank bailout imperils all US bank balances. According to him, inflation rather than bank failure poses the greatest risk. All bank deposits will lose value as inflation makes the losses more widely shared.

Anybody having savings in a bank was urged by Schiff to quickly withdraw them and purchase gold. As noted by U.Today, in response to a statement made by MicroStrategy CEO Michael Saylor, Schiff forecast that Bitcoin will soon go below $4,000 in price. Schiff has long been an opponent of Bitcoin and has repeatedly predicted its impending demise.

Bitcoin has shown to be a durable asset, supporting numerous downturn markets, despite Schiff’s grim predictions. Notwithstanding Bitcoin’s continuous resiliency, the bear has not changed his stance regarding it. He has argued that the most popular cryptocurrency is a speculative asset with no intrinsic worth and has recommended investors to purchase the gleaming metal instead.