Renowned economist and noted Bitcoin skeptic, Peter Schiff, has once again voiced his criticism of the world’s first cryptocurrency, predicting that its value will eventually plummet to zero.
In a recent tweet, Schiff stated that “Bitcoin will still tend to zero. It’s just going to be a long way down.” Interestingly, Bitcoin’s value has already fallen by almost 3% in the past 24 hours, currently trading at $27,021.
Schiff has a history of publicly denouncing Bitcoin, having previously urged his followers to sell their Bitcoin holdings during the banking crisis in the US last March.
In December of 2022, he predicted that Bitcoin’s value would fall to $5,000, while earlier in September, he likened Bitcoin to a sinking ship.
While Peter Schiff’s son, Spencer Schiff, acknowledges the potential for crypto and blockchain companies to go bankrupt, he believes that Bitcoin will remain afloat and serve as a lifeline for the entire industry.