Peter Schiff Says Bitcoin Will Crash When Interest int Spot Crypto ETFs Declines
Peter Schiff, a financier, shared his response to Bitcoin’s recent surge to its highest level since April 2022.
The cryptocurrency broke above $41,000 and is expected to reach $45,000 in the coming days, unless profit-taking becomes widespread.
Schiff remains confident that this rally is temporary and that Bitcoin will eventually drop when interest in launching crypto ETFs cools off.
He predicts that the decline will be severe enough to nullify all the gains Bitcoin has made in the last six months. Schiff urges investors to turn to gold instead, specifically noting its record-breaking price of over $2,100 per troy ounce before the New Year.
In the past 24 hours, Bitcoin’s price has risen by over 11%, surpassing the market capitalization of Elon Musk’s Tesla and Warren Buffett’s Berkshire Hathaway fund. Currently, the total value of all bitcoins in circulation is over $816.2 billion.
