Prominent Bitcoin critic Peter Schiff has once again predicted a major Bitcoin collapse in the near future. The chairman of Schiff Gold tweeted yesterday that the premier digital currency is likely to collapse to $20k if it cannot hold on to its long-term $50k support level. The move marks another barrage of tweets from Schiff encouraging users to sell their crypto assets and get into Gold.
Bitcoin is trading around $68k at press time after a failed breakout above $70k. The largest cryptocurrency by market capitalization is in deep bearish territory, and this is normally a situation in which critics like Peter Schiff run riot, causing Fear, Uncertainty, and Doubt (FUD) among holders. Schiff has called the time of death on Bitcoin 21 times over the last decade or so.
Schiff tweeted:
Schiff is betting that the bears are highly likely to take a shot at the $50k support level in the near future and emerge successful. Once the $50k long-term support is breached, which is already below the $55k realized price, the price can come under renewed pressure, and here Schiff argues it will keep falling until it finds support around the $20k figure.
Schiff, in his usual zero-sum rhetoric, took another shot at BTC yesterday and tweeted:
He basically stated that many people were “dumb enough” to buy Bitcoin, and even smart people eventually started buying it after feeling FOMO. However, he failed to mention that he has been tweeting against the digital currency since it was worth less than $500 each, and it is currently trading at $66k. Despite his attacks, the crypto keeps inching upwards in the long term, and that shows why investors remain interested in it.
This is not the first time in recent weeks that Schiff has predicted a major market calamity for Bitcoin. On February 12, he tweeted that the cryptocurrency is likely to experience “initial support” at $10k. Now, just a week later, he has graciously improved his outlook and upgraded the support to $20k in his latest tweet.
Schiff has a longstanding row with Bitcoin and its users, often tweeting reductionist zero-sum tweets that act as rage bait for crypto investors. He shares all kinds of low-priced BTC predictions, and if one comes true, he runs with it.
He has been doing this since 2013, when Bitcoin was a fraction of the current valuation, and hasn’t slowed down even after it posted 20000% gains over the years.
