Peter Schiff Believes the Collapse of Bitcoin is Inevitable

Zain  |  May 6, 2020

Bitcoin has created various support levels lately and now apparently has found one over the $9,000 mark,after touching lows around $8,000. The market keeps fluctuating around these mark and it is undecided where exactly is bitcoin's strongest support right now. Peter Schiff however, believes the collapse of the top cryptocurrency is just around the corner.

It's a bizarre claim to make especially in the current scenarios cause ever since the market meltdown in March, bitcoin has performed remarkably on its road to recovery. From going as low as $3,750 to crossing $9,000 all within a couple of months, has left even the strongest critics impressed. Some even believe that even if it stops to $6,000 it would still be an achievement, especially after beating multiple resistance at $7,000.

I've to say.

Even in this area around $9,000.

However, the gold proponent Peter Schiff remains unimpressed and doesn't even believe that bitcoin halving also would do much. He believes that bitcoin is set for collapse. He thinks while people expect bitcoin halving to be a bullish event, events with such high expectations usually disappoint.

The bitcoin community would barely pay heed to Schiff's claims given his reputation and continue to remain optimistic about both the price and the halving event.  They'd rather turn their attention to the stock to flow, price model, which suggests bitcoin will get to $288,000 and could even go beyond that. Not just that, over the last 6 months many reports and data have suggested that bitcoin value would only go from strength to strength in the coming future.

Peter Schiff's Bashing is Baffling

Peter Schiff earlier too has made similar concerns after bitcoin went spiralling downward and instead of applauding the strength of the asset, he continues to bash bitcoin for no rhyme or reason and continue to make remarks with nothing to back his gibberish. Bitcoin, at the time of writing, is trading at $9,234.

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