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This financial whiz predicts BTC’s future only to see a crash, here’s why…

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Peter Schiff predicted that the institutional adoption of cryptocurrency is coming to an end and that we should be prepared for the next crypto crash. Schiff also chastised CNBC for failing to ask Galaxy CEO Mike Novogratz probing questions, claiming that members of the news staff are “Bitcoin pumpers”.

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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.

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.

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.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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