Peter Schiff, the CEO of Euro Pacific Capital, has been in the news for predicting and claiming a bearish life for Bitcoin. However, the CEO has asked people not to call him as the Bitcoin Hater as there is nothing to hate. In the latest Off the Chain podcast episode hosted by Anthony Pompliano, Schiff has revealed the reason behind his pessimistic take on the crypto coin.
As per Peter, the “Feds created the Bitcoin bubble just like they created the dot-com bubble and housing bubble. However, he said that it was not exactly the same way, but affirms that it was a reaction to the Feds monetary policy mistakes.” He continued that Bitcoin entered mainstream when people began searching for an alternative, and it was the hard money community that was “playing around with it.”
“I found out about it early on and just kind of dismissed it because my initial read on it was what’s the stop somebody else from coming with another cryptocurrency, which of course, nothing did. There’s thousands of them now.” Schiff mentions that he did not discover any intrinsic value in the virtual currencies; neither does he sees the potential. Moreover, he said that this all is another big bubble that is just going to pop.
Schiff said, “Personally, I think the high is in for this bubble. I think that spike up to 20,000 at the end of 2017 around the launch of the Bitcoin futures and all that hysteria. I think that was it. And I think now it’s a question of the air coming out.”
On 24 October, Schiff tweeted, “Not only has Bitcoin broken out of its bear flag pattern, projecting a move to $6K, but the head and shoulders pattern that I mention was forming over the weekend has now been confirmed as well. If this pattern completes, it projects a much larger decline, perhaps as low as $1K!”
Schiff continues to hold his stance that Bitcoin would not work as money, and adds that people who do believe it would “lose a lot of theirs.” He further suggests the investors buy Gold rather than bitcoin.
