.PeterSchiff remains extremely bearish on Bitcoin
Schiff is concerned that Bitcoin's lack of tangible utility makes its high market valuation difficult to justify and argues this renders it vulnerable to high volatility.
His Bitcoin price predictions have been largely inaccurate. In 2018, he predicted that the currency would fall to $1,000 and urged people to sell their Bitcoins before it happened. He also predicted in 2020 that the currency would reach zero. Neither of these predictions came true. While Schiff's forecasts have not been accurate, it should be noted that he was right about the cryptocurrency bubble of 2021 when Bitcoin rose to an all-time high and then crashed soon after. He correctly identified this bubble before it popped, although he failed to predict its effects or exact timing accurately.
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