While the Bitcoin price continues to fall, an old acquaintance resurfaces in the debate. American gold guru Peter Schiff once again warns of a complete collapse of BTC. His message is clear: investors are playing with fire.
Bitcoin price under pressure, gold quietly continues to rise
Bitcoin (BTC) is under pressure again. The cryptocurrency fell below the $90,000 mark this week and is now hovering around $85,000. For Schiff, this is the moment to repeat his long-running criticism. According to him, the cryptocurrency can “destroy everything you have built in one night.”
On X he writes: “When it comes to Bitcoin, time is against you.” He refers to the sharp decline, while gold and silver are performing remarkably strongly. “Gold rose by $40, silver by almost $2. But you don’t hear anyone about that. Bitcoin gets all the attention, despite the decline.”
His criticism is nothing new. As early as 2011, he publicly stated his distrust of Bitcoin. At the time the rate was around $17. Had he bought then, it would now have yielded a return of more than 511,000 percent. But Schiff sticks to his guns: “Bitcoin is a gigantic pump-and-dump.”
Yet this year he is partly right. BTC is down almost seven percent since January. Gold, on the other hand, has risen by more than 63 percent. The strongest annual performance since 1979.
Others see opportunities
Not everyone shares Schiff’s doomsday scenario. Dutch analyst Jelle expects that Bitcoin is preparing for a new rally. “The market is extremely negative, but that is often exactly the moment when smart investors step in.”
According to him, Bitcoin is in a so-called reaccumulation phase. Large investors continue to steadily buy BTC through ETFs, despite the low price. According to Jelle, this trend may indicate a build-up to a new upward movement.
Companies also continue to have confidence. For example, the Strategy company, led by Michael Saylor, recently added 10,645 BTC to its balance sheet. This involved a purchase worth $980 million. The total holdings now stand at 671,268 BTC with an estimated market value of $58.5 billion.
Source: https://newsbit.nl/je-gaat-in-een-nacht-failliet-peter-schiff-voorspelt-instorting-bitcoin-koers/
