Peter Schiff: Bitcoin is over. Is the expert right?
Each participant in the crypto industry has heard of harsh statements by Peter Schiff. A large businessman, a prominent economist, has long been sharing his vision of the future of Bitcoin. Schiff said today that the first cryptocurrency is very close to its collapse. Does such a forecast have a reason, or is there no reason for concern? Let’s get it right.
What Schiff Says about Bitcoin
If you follow the page of Peter on Twitter, you probably saw his recent post on the fate of Bitcoin. The economist’s words can be interpreted as follows: another fall in prices will be the last for BTC. In fact, such a statement is really quite logical. Recently, every rise in the value of Bitcoin has been accompanied by a crushing fall in prices.
Pampas, that is, artificial overprices, are becoming less attractive. Large investors are gradually moving away from the first cryptocurrency, paying attention to other digital assets. Thus, Schiff’s words that Bitcoin will fall and will not rise already seem quite logical. But only at first glance.
Real statistic of Bitcoin
As of December 4, 2019, the cost of the first cryptocurrency was $7,498. This is a good indicator, given the monthly decline in prices. However, due to its volatility, the Bitcoin rate quickly fell. Already on December 6, the rate was this: 1 BTC = $7186. You need to understand that the slightest blow to the reputation of a cryptocurrency instantly affects its price. That is why cost is changing so dramatically.
But the charts can still grow. Bitcoin currently costs $7,370 apiece. From this we can conclude: as long as they are interested in a coin, it will live and develop. How long will the first cryptocurrency remain relevant? It is hard to say. However, even when taking into account the general negative market trend, it is BTC that looks more promising. Investors continue to invest in the largest cryptocurrency, so it has a great future.
Conclusion
Peter Schiff’s statement did not receive support. The economist was convicted of incompetence and harsh language. Recall that in the past, Schiff has already stated that by November 2019, the price of BTC will be less than $1000. Schiff, in principle, has a negative attitude towards cryptocurrencies, so his opinion should not become decisive when distributing your funds. Trade thoughtfully, trusting only your intuition and calculations.
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