On Twitter, investor, financial analyst, and Euro Pacific Capital CEO Peter Schiff predicted the future of Bitcoin [BTC]. He said that institutional cryptocurrency adoption is coming to a stop. Furthermore, the BTC skeptic warned investors to brace themselves for the next BTC meltdown.
Schiff also blasted CNBC for failing to probe Galaxy CEO Mike Novogratz. He accused members of the journalistic staff of being “Bitcoin pumpers.”
According to the financial commentator, Novogratz himself remarked that BTC’s recent surge was primarily driven by existing holders buying more. He went on to say that it wasn’t because of institutional adoption.
Schiff argued that the euphoria over BTC’s core technology had died out and cautioned investors of an impending crypto catastrophe. Schiff was likewise doubtful about bitcoin’s long-term viability. Furthermore, he has been a prominent critic of cryptocurrencies for many years and has shared his views with various US Congress members. He once likened cryptocurrency to a Ponzi scheme.
Spencer Schiff, Peter Schiff’s pro-crypto investment son, reminded him that he had forecast BTC would be considerably below $10,000 by 2023. Spencer, on the other hand, remained overly optimistic about the token’s prospects.
In an interview with Mike Adams last month, Schiff suggested that digital gold is one option that world economies are likely to adopt. He was, however, doubtful about BTC’s ability to become a digital currency in the future.
He also suggested that people will start trading digital gold through blockchain technology or private enterprises tokenizing the commodity. A rapid depreciation of the dollar would also result in a shift to digital currencies. Schiff, on the other hand, did not view BTC as a feasible choice.
Whether Schiff’s prediction of the next Bitcoin crash is correct or not is debatable. Nonetheless, his comments mirror a broader discussion about the future of Bitcoin and other cryptocurrencies, with some investors bullish and others pessimistic.
However, predicting Bitcoin’s future direction remains difficult because it has constantly defied market expectations. BTC only crossed the $30,000 threshold a day ago, and at press time, it was trading at $30,001.98.
