Famous gold bug Peter Schiff has once again taken to Twitter to predict doom for Bitcoin, labeling it the biggest bubble he has ever seen.
In his tweet, the notorious Bitcoin skeptic said that Bitcoin is about to hit the rocks this time, unlike his previous failed prediction. Peter Schiff is also famous for being the only man to allegedly owner of the only Bitcoin wallet capable of forgetting passwords.
Peter Schiff took to Twitter last week after Bitcoin took a hit to declare that the coin is the biggest scam he has ever seen. Notably, the coin made a price correction on October 20, days after he made the statement.
Peter Schiff likens Bitcoin’s bubble to the 2006 real estate crisis
In his argument, Peter Schiff argued that Bitcoin investor’s and traders’ level of conviction in their trade is very high. He also noted that it is so high that it beats some of the dark times witnessed in finance history.
Citing an example to back up his claims, Schiff talked about the 2006 real estate crisis. “If you measure the size of asset bubbles based on the level of conviction buyers have in their trade, the #Bitcoin bubble is the biggest I’ve seen. Bitcoin hodlers are more confident they’re right and sure they can’t lose than were dotcom or house buyers during those bubbles,” Peter Schiff said.
Experts have not measured how the gold bug predicts the level of conviction among Bitcoin traders. Based on previous experience, every doom prediction by Peter Schiff always pushes Bitcoin in the exact opposite.
Following his tweets’ trends over the years, Peter Schiff has been seen as a joke in the crypto community. This is mostly thanks to the contrary predictions he has made regarding Bitcoin over the years.
Gold is better than Bitcoin in terms of uses and value, Schiff says
The latest comment made by Schiff speculated that Bitcoin would go below the $10,000 price mark. He further went a step ahead by inviting his followers to discuss how hard the fall of bitcoin will be.
However, his predictions didn’t come to pass as the coin has steadily risen above that price mark. Presently, Bitcoin is having a good time in the crypto market after spending months over the $10,000 price line, a first in the coin’s history.
“Two of the last three times #Bitcoin rose above $10,000 in Oct. of 2019 and in Feb. of 2020 it soon fell by 38% and 63% respectively. The last time Bitcoin rose above $10,000 was in May, and it only fell by 15%. It’s above $10,000 again today. How big will the next drop be?”, he said.
Peter Schiff further explained that the rapid rise and fall of Bitcoin is a characteristic of a bubble. Furthermore, he notes that gold will be ahead of Bitcoin because it has real uses aside from being a better store of value.
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