Bitcoin News

Bitcoin Critic Peter Schiff Believes BTC Still Headed to Zero: Details

Bitcoin skeptic Peter Schiff still continues to think that the most well-liked cryptocurrency would eventually drop to zero. A user had mocked Schiff by bringing up his 2017 Bitcoin argument. The user recalled Schiff warning everyone that Bitcoin, which had a $5,000 value at the time, was going to disappear.

The individual continued by saying he was happy to have purchased Bitcoin. Schiff answered, “It will eventually reach zero. merely traveling a distance.” It’s important to note that Schiff has consistently predicted the demise of Bitcoin and has long attacked it. Contrarily, Bitcoin has proven to be a resilient asset, enduring several slumps and unfortunate circumstances.

Despite Bitcoin’s continually favorable portrayal, Schiff’s opinion of it has not altered. Bitcoin increased by 47% after Schiff advised selling According to prior reports, Schiff urged Bitcoin owners to sell their holdings due to worries raised by the bank failures signaled by the fall of Silicon Valley Bank (SVB).

Caution the cryptocurrency community, Peter Schiff suggests selling bitcoin (BTC) Currently, Bitcoin (BTC) is up nearly 47% from its low point of $19,791 when Schiff advised Bitcoin owners to sell their holdings. Despite a number of enforcement actions against cryptocurrency companies announced by the U.S. Securities and Exchange Commission, Bitcoin had a great week and reached highs of $28,937 on March 22. Bitcoin has increased 69% so far this year, and as of the time of this writing, it was just above $27,858.

Glassnode claims that the Bitcoin binary CDD, a useful statistic for spotting high Coin Day Destruction periods, shows where Bitcoin is at in its cycle. According to Glassnode, the market is still firmly within a tranquil period that is typical of bearish markets, early bull markets, and the interim time between them.


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