YEREVAN (CoinChapter.com) — Bitcoin (BTC) critic and gold maximalist Peter Schiff does not tire out in his quest to discredit cryptocurrencies. Despite being discredited and proven wrong several times, he still believes digital assets have no merit. The Chief Economist and global strategist at Europac now believe BTC is getting a “beatdown” although the Bitcoin price is still above $42,000.
What is happening to the Bitcoin price?
Bitcoin price has surged over 150% year to date. Since the beginning of December alone, the leading cryptocurrency has gained around 20%.
The recent rally helped BTC attain the $44,000 price mark, the highest in 2023. This is way above Peter Schiff’s bearish predictions he continuously made over the past months.
As often happens, several traders began selling their holdings to offset their losses or make quick profits from the recent price action. This caused BTC to shed around 7%, falling to a temporary daily low of $40,654.
However, at the time of writing, Bitcoin exchanges hands at around $42,200. This less-than-10 % drop gives Schiff enough ammunition to celebrate yet another ‘evidence’ that BTC is useless. While he was at it, he even drew parallels with American Football.
The Philadelphia Eagles lost 13-33 to the Dallas Cowboys in the National Football League (NFL) game on Nov. 10. Drawing an analogy between the game and Bitcoin’s price setback, the Gold promoter claimed Bitcoin got “a bigger beatdown” than the losing team.
However, critics were quick to remind him about his anti-crypto stance. One trader shared a screenshot of Schiff’s 2018 tweet, where he predicted BTC would fall below $750. At the time, on Nov. 24, the price of the leading asset fell to a daily low of $3,795.
Schiff’s Bitcoin price predictions are a joke
Peter Schiff has continued to predict the doom that never seems to come. In May 2022, when the markets crashed, he advised all HODLers to sell their bags. He was confident BTC would go below $10,000.
Last December, he took it one notch higher. Ignoring that BTC didn’t fall below 10,000, he predicted that it would tank under the $5,000 mark.
Earlier this month, Schiff again warned that the price of Bitcoin is on course for a “spectacular” crash. Most analysts believe a spot in Bitcoin Exchange Traded Funds (ETF) would be bullish for the BTC price.
However, according to Schiff, it would cause the price to crash. To him, reaching a price point above $40,000 was “Bitcoin’s swan song.”
Schiff’s negative views on Bitcoin stem from his strong belief in gold as a superior investment. While he is welcome to invest in gold, which remains a smart investment, his anti-crypto rhetoric is bizarre. BTC is not here to replace gold. Not yet, at least.
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