Bitcoin critic Peter Schiff has made a bold price prediction about the future of Bitcoin following its recent surge. Schiff launched a new attack on the potential of Bitcoin, claiming to expect a “spectacular” drop in its value compared to its recent rally. Despite convincing himself that Bitcoin was being forgotten, Schiff continues to be mocked by its supporters.
After observing gold dropping below $2,100, Schiff noticed that Bitcoin’s value rose to $41,000. However, he warned that this rise could be a deception by Bitcoin and could mark the beginning of a significant drop.
Attributing Bitcoin’s recent surge to speculative excitement around spot Bitcoin ETFs, Schiff highlighted that this enthusiasm was a ready-to-burst bubble and predicted a major drop for Bitcoin. While he acknowledges both gold and Bitcoin’s role as stores of value, Schiff’s skepticism about Bitcoin may stem from its speculative nature.
Expressing constant concerns about whether Bitcoin can withstand a real financial crisis, Schiff believes that the current rise in gold is based on real value rather than rumors, making it a more reliable investment compared to leading cryptocurrencies.
On December 4th, gold reached a record-breaking level of $2,100 but then lost a significant portion of its gains. The rising momentum in gold, which has been ongoing since October, reached its highest level earlier this month. Thanks to expectations of interest rate cuts in the US and investors awaiting approval of a spot Bitcoin ETF, Bitcoin surpassed the $40,000 mark for the first time in 2023 and is currently trading above $41,600.