Economist Peter Schiff, who is well-known for this negative take on Bitcoin, talks about its recovery. Peter has cited the things that could trigger a Bitcoin price rally. However, this doesn’t mean he is talking in favor of it, and if you have been following him, you know he never will. Peter has been talking trash about Bitcoin since it was trading around $4,000, and nothing has changed now. Let’s see what he has to say this time.
Peter’s take on Bitcoin recovery
Recently, Peter tweeted about the scenario where he thought the price of Bitcoin could go up. I have never heard him talking about BTC going up, so this is something new. He said that for Bitcoin to continue its uptrend, it will be dependent on Gold and the NASDAQ. A price increase of the US stock markets would help BTC recover too. At the same time, the price of Gold needs to go down for the same.
And this is difficult because for the markets to go up, the feds need to reduce inflation to 2% while increasing interest rates and not affecting the economy. So, it is unlikely to happen as the current situation points towards even high inflation and more government spending. But if the feds are able to pull it off, it doesn’t make sense to buy Bitcoin, according to Peter. He has called cryptocurrency one of the biggest bubbles ever and says that Bitcoin will be going to zero.
I don’t take Peter’s negative comment seriously
For someone who is so vocal about his distrust of cryptocurrencies, it is funny to see how his website accepts Bitcoin as a payment method. Now, there can be many arguments to this, but this is just my personal view. He is also one of those who talks about Bitcoin every time it goes down but never when it rallies. Here is one of the most famous tweets of Peter Schiff for crypto enthusiasts, and you will know why.
Don't make the mistake of thinking that buying #Bitcoin below $3,800 is a bargain just because the current price is better than 80% below its record high. Bitcoin's price could easily drop another 80% from here, and at $750 it would still be expensive!
— Peter Schiff (@PeterSchiff) November 25, 2018
Many Bitcoin investors have agreed to be wrong about their views on the asset like Micahel Saylor, but Peter Schiff is still against Bitcoin actually being an asset.
What are your thoughts as Peter Schiff talks about Bitcoin recovery but gives a reason not to buy it? And do you take his opinions on BTC seriously? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: India is targeting crypto investors for not paying taxes.