Deutsch
Economist and perennial Bitcoin opponent Peter Schiff published his latest forecast on the development of the largest cryptocurrency yesterday. This time he is certain: Bitcoin is in a bubble – and it will burst soon. Now even Cardano founder Charles Hoskinson speaks out.
Bitvavo, one of the leading exchanges from Europe (Netherlands) with a large selection of cryptocurrencies. PayPal deposit possible. For a limited time only: 10 Euro bonus when you sign up via CoinPro.ch
Bitcoin Bubble Bursting? That’s why Economist Peter Schiff is Now Certain
Is the Bitcoin bubble bursting soon? Economist and well-known Bitcoin opponent Peter Schiff recently expressed his conviction on X: BTC will soon experience a significant price drop. This is evident from a currently subdued price development.
“Large technology companies drove the NASDAQ to a new record high today. Nevertheless, Bitcoin is still more than 10% below its all-time high, and MSTR has fallen by 48% since its peak in November 2024,” Schiff wrote.
The 62-year-old thus criticized the Bitcoin and Strategy as the largest institutional Bitcoin investors on Earth. The software developer currently holds 640,808 BTC worth approximately 73 billion US dollars.
Schiff believes: The fact that BTC has decoupled from the price development of other assets proves the decline of the cryptocurrency. The Bitcoin price has risen to unnatural heights due to a bubble formation. The bursting of the bubble is imminent.
“The fact that Bitcoin, unlike gold or tech stocks, has not reached new highs indicates that the bubble will burst soon!” said Schiff.
The American economist has been commenting on Bitcoin for several years now. As early as 2013, he warned against the cryptocurrency. Its price development is reminiscent of the tulip mania. Bitcoin has no intrinsic value, Schiff explained at the time.
Nevertheless, in 2020 he publicly announced that he had maintained his own Bitcoin wallet. His comment does not reveal the value of his portfolio. However, he lost access to his wallet and therefore definitively renounced the cryptocurrency.
How Unrealistic Peter Schiff’s Bitcoin Forecasts Are
Peter Schiff received criticism from the crypto scene for his latest forecast. Some enthusiasts commented on his assessment and were not very convinced by his prediction.
“Peter, every time Bitcoin consolidates, you call it a bubble, and every time it reaches new highs, you call it manipulation,” a user wrote.
Another person shared a comment from Schiff from 2018. At that time, the American had warned against Bitcoin. A price of 750 US dollars was far too high for one Bitcoin, he explained at the time.
Cardano founder Charles Hoskinson also picked up on Schiff’s statement. The programmer has no kind words for the economist. Schiff’s assessments have been wrong and irrelevant for years.
“Peter continues to be wrong and completely irrelevant. He was wrong when Bitcoin was $100. He was wrong when Bitcoin was $1,000. He was wrong when Bitcoin was $10,000. He is wrong about Bitcoin at $100,000. He will also be wrong when Bitcoin is one million US dollars,” Hoskinson wrote.
You are currently seeing a placeholder content of X. To access the actual content, click on the button below. Please note that data will be passed on to third-party providers.
As recently as 2019, Peter Schiff had predicted that the Bitcoin price would never break the $100,000 threshold. Today, BTC is trading at 113,240 US dollars. Schiff recommends investors invest in the precious metal gold, which rose by 250% against the US dollar over the last ten years. BTC rose by approximately 46,000% during the same period.
You are currently seeing a placeholder content of X. To access the actual content, click on the button below. Please note that data will be passed on to third-party providers.
- Bitcoin
(BTC) - Price $110,843.00
- Market Cap
$2.21 T
