Peter Schiff expressed doubt regarding the future growth of Bitcoin and other major cryptocurrencies, despite traders being optimistic about the upcoming Bitcoin halving. Schiff claims that the hype surrounding Bitcoin is also a result of recently approved spot cryptocurrency ETFs in the United States. However, he is confident that a “massacre” will inevitably follow the surge.
Commentators reminded Schiff of his past inaccurate forecasts about Bitcoin’s price. Last year, Schiff adamantly claimed that the value of Bitcoin would plummet to zero. Additionally, after the launch of spot Bitcoin ETFs in January, he warned investors of a deep bear market and predicted little demand from institutional investors for such products.
In response to Schiff’s concerns, renowned cryptocurrency analyst and trader Peter Brandt suggested that Schiff might eventually be right about something, but it probably won’t be related to the Bitcoin market.
I actually believe that some year you will be right on some market.
My guess is that it will not be Bitcoin. https://t.co/hSC4bZ40VH— Peter Brandt (@PeterLBrandt) February 12, 2024
More recently, Peter Schiff mentioned that Bitcoin could potentially skyrocket to $10 million in value, but only if the US dollar collapses and hyperinflation occurs in the country.