Economist and notorious bitcoin skeptic Peter Schiff has once again spoken out about bitcoin and the crypto market. According to him, it is very likely that the price of bitcoin will drop to $10,000 and that a rally like the one we saw in 2021 is pretty much out of the question.
Peter Schiff doesn’t want to know anything about bitcoin
Peter Schiff put this in a interview with Kitco News. According to Schiff, the nice upward movement we’ve seen over the past few weeks is nothing more than an illusion. According to him, these profits are not sustainable. That is why he calls this rally a “sucker’s rally”.
“The market is going to plummet. I think people should take advantage of the sucker’s rally they have right now and get out. Many people still have profits in these tokens. People bought bitcoin four, five, six years ago, and they have big profits. The same applies to ethereum (ETH). People have to get out, otherwise the market will take those profits.”
The only thing crypto investors can do right is sell all their crypto assets as quickly as possible, says Schiff. According to Schiff, it is very clear that there is a bubble and that the market will crash much further in the near future. According to the bitcoin skeptic, the bubble is about to burst. It is unclear what he is basing this on.
Bench of Peter Schiff
It is also obvious that Schiff hates everything to do with crypto. He mainly trades and invests in precious metals, and in particular gold. Until recently, Peter Schiff also had his own bank. However, he was recently forced to to sell this sofa.
At the time, Schiff was asked if he would also sell the bank for bitcoin. Against all odds, he responded positively to the community’s suggestion. When there really is no other option, the self-proclaimed bitcoin hater seemed willing to make use of what he dislikes.
