Investor, financial commentator, and Euro Pacific Capital CEO Peter Schiff made a prediction on Twitter regarding the future of Bitcoin [BTC]. He claimed that the institutional adoption of cryptocurrency is coming to an end.
Additionally, the BTC non-believer also cautioned investors to be prepared for the next BTC crash.
The #Bitcoin pumpers on @CNBC throwing nothing but softballs to @novogratz, who basically admitted the entire Bitcoin rally was driven by existing #HODLers buying more. Institutional adoption is over. The #blockchain letter has run out of chain. Get ready for the next crash.
— Peter Schiff (@PeterSchiff) April 11, 2023
Schiff also chastised CNBC for failing to ask Galaxy CEO Mike Novogratz probing questions. He alleged that members of the news staff are “Bitcoin pumpers.”
What went down?
The financial commentator claimed that Novogratz himself stated that BTC’s recent rally was driven solely by existing holders buying more. He further stated that it wasn’t due to institutional adoption.
Schiff claimed that the excitement surrounding BTC’s underlying technology subsided and warned investors of an impending crypto crash. Schiff was also skeptical of the cryptocurrency’s long-term viability.
Furthermore, a vocal critic of the cryptocurrency for years, he shares his views with several Congress members in the U.S. He once compared crypto to a Ponzi scheme.
However, Peter Schiff’s pro-crypto investor son, Spencer Schiff, reminded him that he once predicted BTC would be well below $10,000 by 2023. Spencer, on the other hand, remained a little too bullish about the token’s future.
You thought bitcoin would be below 10K by now
— Spencer Schiff (@SpencerKSchiff) April 11, 2023
In an interview with Mike Adams last month, Schiff stated that digital gold is one option likely to be adopted by global economies. However, he was skeptical of BTC’s ability to become one of the digital currencies in the future.
He also stated that people will begin to transact in digital gold via blockchain technology or private companies tokenizing the metal. Furthermore, a rapid deprecation of the dollar would cause the shift to digital currencies. However, Schiff didn’t see BTC as a viable option.
Does bearish sentiment make sense amidst a bullish market?
Whether Schiff’s prediction of the next BTC crash is true or not remains a matter of debate. Nonetheless, his remarks reflect a broader debate about the future of BTC and other cryptocurrencies, with some investors optimistic about their prospects and others skeptical.
However, predicting the future course of Bitcoin remains a tricky terrain as it has defied market expectations consistently. Only a day ago, BTC crossed the $30,000-price mark and at press time, it was trading at $30,001.98.