Europac Chief Economist and Global Strategist Peter Schiff is once again stirring up controversy with his pessimistic views on the future of Bitcoin (BTC). Schiff, known for his strong support of gold as a traditional asset, has once again compared the outlook of BTC with that of the precious metal.
In a recent tweet, Schiff boasted about the rise in gold prices, hitting a new high of $2,450 and predicted that it will soon surpass $2,500. On the flip side, he pointed out that Bitcoin has lost 30% of its 2021 record high, signaling a bear market for the leading cryptocurrency.
Despite Schiff’s warnings, many crypto enthusiasts seem unfazed by his anti-Bitcoin sentiments. The recent downturn in the price of BTC has been more pronounced in the last few weeks, with the coin struggling to regain its momentum after reaching an All-Time High (ATH) of over $73,000 in mid-March.
The decline in Bitcoin’s price coincided with significant offloads of the cryptocurrency by dormant whales, the German government, and the Mt.Gox exchange. However, in a surprising turn of events, Bitcoin has seen a slight recovery in the last few days, with the price currently trading at $64,571.30, marking a 2.29% increase in the last 24 hours.
Despite the recent price rally, Schiff remains skeptical, suggesting that the offloads by large Bitcoin holders are setting up ETF investors to be the bag holders. As the debate between Bitcoin and gold continues, the future of the cryptocurrency remains uncertain amidst the ongoing market volatility.
