 ▲ Peter Schiff/Source: |
With the largest cryptocurrency, Bitcoin (BTC), falling to a five-week low, Bitcoin skeptic Peter Schiff, CEO of Euro Pacific Capital, has issued a negative outlook, predicting that the price of BTC will continue to decline in the coming years.
Schiff, a leading gold advocate, tweeted on the 21st (local time) on the
“Despite buying in 11 Bitcoin spot ETFs since March 14, Bitcoin has fallen 14%,” he said. “During the same period, the price of gold has risen 10%. Many people who bought Bitcoin ETFs are selling gold ETFs,” he said. “How long will it take for these buyers who raised money to realize they made a mistake?”
According to UToday, on the Bitstamp exchange this Friday, the price of Bitcoin fell to $63,356, the intraday low on May 15th. On Thursday, there was a net outflow of $140 million from the Bitcoin ETF, putting additional pressure on the bull. These products are currently recording negative trends for 6 consecutive days.
Meanwhile, DonAlt, an anonymous Bitcoin trader, said to “It is highly likely,” he predicted.
