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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Move Over Bitcoin: Pro-Gold Peter Schiff Blasts the Stock Market Bubble

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
stock market bubble bitcoin crypto gold peter schiff

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You may know Peter Schiff as the anti-Bitcoin, pro-gold advocate who takes every chance he gets to slander the emerging asset class, but did you know, he also famously predicted the housing market collapse that caused the Great Recession and the last major stock market selloff?

And he’s now predicting an economic crisis “much worse” than the last one, following the bursting of what he calls a massive stock market “bubble.”

Peter Schiff Claims the Stock Market Bubble Is Popping

If you’ve been following the gold promoter’s antics over the last couple of years, Peter Schiff has taken ever swing imaginable at Bitcoin and cryptocurrencies.

The fact that Bitcoin has been rising alongside the precious metal he so loves has long been a thorn in his side.

But as much as he dislikes cryptocurrencies and favors gold, it is his comments about the stock market that have him making headlines once again.

Related Reading | Stock Market, Bitcoin, and Gold: Everything Is Collapsing Together

Peter Schiff wasn’t always just notorious for his attacks on Bitcoin, but his status as a market analyst was solidified after nailing a prediction that the economy would soon experience a collapse of historic proportions as a result of a failing housing market.

Now, Schiff is claiming that the last recession will be nothing compared to what is about to unfold across the globe.

It may be the coronavirus pandemic that caused the initial prick, but Schiff claims the stock market is in a massive bubble that is starting to burst.

“The problem isn’t the pin, the problem is the bubble and once the bubble is pricked, the damage is done and the air is coming out of this bubble,” Schiff explained to MarketWatch, adding “if it wasn’t the coronavirus, it would have been something else.”

Last week, the stock market suffered its largest one week drop since the last recession, wiping out over $6 trillion in value.

The Fed responded with an emergency 50 basis points rate cut, but it ultimately failed to restore confidence in investors and caused major stock indexes to tank further.

As far as the stock market is concerned it doesn't matter what happens to the Coronavirus. Once the bubble is pricked, it doesn't matter what happens to the pin. The Fed can't take back the rate cuts without collapsing the stock market. Its cure is worse than the disease!

— Peter Schiff (@PeterSchiff) March 3, 2020

Will Bitcoin Survive The Worst Recession Yet Or Should Investors Turn to Gold?

So what exactly does Schiff expect? He claims the world will witness “a collapse of the bond market and the financial crisis that’s coming will be much worse than the one we had in 2008.”

Schiff is an enormous advocate of gold, which has been surging in recent weeks – yet another sign that the economy is on thin ice.

When investors move capital out of the stock market and into gold, it’s a sign that fears over a recession are growing.

Related Reading | Crypto Pundit Peter Schiff Says Gold Is In Early Bull Market, But Bitcoin Is a Sucker’s Rally 

As for Bitcoin, Schiff may dislike it, but thus far, it’s been holding up well against gold and the stock market. The young asset was born from the last recession and designed to avoid them in the future. How it performs during this next recession will ultimately decide its fate.

But with the worst recession the world has ever seen on the horizon, even Bitcoin may struggle to survive in the coming months.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Reason to trust

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