Crypto News

Peter Schiff poops bearish taunts as Bitcoin crashes below $30K

Peter Schiff, Peter Schiff poops bearish taunts as Bitcoin crashes below $30K
Image by geralt from Pixabay
  • Peter Schiff expects institutions to ignore Bitcoin below $30,000
  • He also claims CNBC and Mike Novogratz are trying to manipulate the Bitcoin price
  • His son, Spencer Schiff, continues to oppose his father’s views

Belgium (CoinChapter.com) — Most cryptocurrency enthusiasts will know all too well that Peter Schiff will never say anything positive about Bitcoin. Nor does anyone expect him to, as his bearish Tweets often help the market recover. In the latest edition of “Things Peter Schiff Says About Bitcoin,” the gold bug claims institutions likely have lost interest in the world’s leading cryptocurrency.

Peter Schiff is at it again

As one of the more renowned anti-Bitcoin figures on Twitter, Peter Schiff has built up an exciting reputation. Although his negative stance on cryptocurrency has gained him some followers, most of them want to see these “future-to-be-memes” in action as they happen.

It is always worth following the thoughts of people who are pro or con about something one likes. Gaining valuable insights is always possible, although things are a bit different with Peter Schiff and Bitcoin. 

Also Read: As Ethereum slumps below $1.9K, ETH whales are buying again

In a recent Tweet, Schiff tries to convince the world of a somewhat strange theory. As per him, CNBC – the TV station – has blatantly attempted to push the Bitcoin price back over $30,000. Moreover, Peter Schiff claims the network did so by inviting Mike Novogratz onto one of their shows.

While Novogratz swears Bitcoin still has strong institutional demand – although he hinted at a possible drop to $25,000 as well –  it is far from triggering a market shift. Only individuals like Elon Musk attempt to do so, and they often succeed too.

Going one step further, Peter Schiff now expects institutional demand for Bitcoin to dry up completely. An intriguing train of thought, although one that has multiple flaws.

When prices of popular assets go down, institutional demand often does the opposite: it picks up. Everyone knows the price potential Bitcoin has. It reached a high of over $64,000 not that long ago. Having the option to buy that asset at less than 50% of that value seems like a no-brainer.

Bitcoin dips towards $29,000
Bitcoin dips towards $29,000. Source: BTCUSD on TradingView.com

It is also worth pointing out that the same Peter tried to tell people institutions would not buy Bitcoin at $60,000 or more. If $30,000 is too cheap, these institutions are purposefully trading in a specific price range.

However, they would miss out on potential profit by not buying when the prices go lower as they do today. Some of us may not have a degree in mathematics, but lower prices – more profit potential-everyone can understand. Everyone except for Peter Schiff, apparently.

Bitcoin is far from dead

Putting the weird things Peter Schiff says aside for a minute, he is not the only person who claims Bitcoin is done for.

In fact, there have been over 400 such declarations in the past decade, all of which have been proven wrong. It is true that the world’s leading cryptocurrency has seen extremely volatile periods and shed up to 70% of its value. However, it has also come out much more robust every time, making one wonder if paying attention to short-term corrections is even worth it.

Another intriguing observation is how Peter Schiff continues to acknowledge Bitcoin is a payment method. On his SchiffGold website, BTC is an accepted payment method for gold. Knowing how Novogratz claims, Bitcoin can still replace gold. It will be interesting to see how Schiff handles that comment moving forward. It seems Novogratz successfully upset Peter, prompting Schiff senior to take to Twitter and utter some anti-Bitcoin nonsense.

Contrary to what some may think, there is common sense to be found in the Schiff family. Spencer, son of everyone’s favorite meme generator, Peter Schiff, has confirmed he is not selling a single Satoshi despite the market dip.

Moreover, he would like to buy more BTC, even though gold may seem attractive to some right now. A fascinating family dynamic, as the younger generation has the upper hand regarding Bitcoin matters.

How useful was this post?

Click on a star to rate it!

JP Buntinx_CoinChapter
Jean-Pierre Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

Related "News" News