Peter Schiff Still Thinks Bitcoin Is Going to Crash to $0 Despite 20% Surge

Nick Chong

1 year ago

2 mins read

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Bitcoin has seen an extremely strong performance over the past two weeks, even factoring in the Saturday flash crash that took BTC down $1,500.

Despite this rally, Euro Pacific Capital chief executive Peter Schiff still thinks the cryptocurrency is still bearish. The prominent cryptocurrency critic commented on Twitter on August 2nd that BTC is still on track to “zero out.”

Peter Schiff Still Thinks Bitcoin Can Go to $0

Bitcoin saw an explosive flash crash on Saturday that resulted in over $1 billion worth of liquidations.

Most cryptocurrency commentators were not shaken out, arguing that this is just the reality of owning BTC. But Peter Schiff, a libertarian-leaning investor, took this as an opportunity to bash the Bitcoin narrative, writing:

“#Bitcoin is not for conservative investors looking for a safe haven or a store of value either. It’s purely for speculators looking for action, who don’t mind the risk of trading a worthless digital asset that will eventually zero out. Don’t get caught long when the music stops.”

#Bitcoin is not for conservative investors looking for a safe haven or a store of value either. It’s purely for speculators looking for action, who don’t mind the risk of trading a worthless digital asset that will eventually zero out. Don’t get caught long when the music stops.

— Peter Schiff (@PeterSchiff) August 2, 2020

Schiff’s latest comment is in line with his prior messages about the leading cryptocurrency. He wrote in May that Bitcoin is a fraud” and is “nothing,” adding that the value of the asset in his eyes is $0.

The gold bug does own a small amount of Bitcoin, which Anthony Pompliano and others in the space donated to him.

Other Institutional Investors Beg to Differ

Although Schiff and others in the investing world don’t think Bitcoin has value, there are institutional investors that think BTC has potential.

Grayscale Investments, a New York-based digital asset manager, reported last week that it saw record investments over the second quarter:

“Grayscale recorded its largest quarterly inflows, $905.8 million in 2Q20, nearly double the previous quarterly high of $503.7 million in 1Q20. For the first time, inflows into Grayscale products over a 6-month period crossed the $1 billion threshold.”

Bitcoin has also been adopted by Paul Tudor Jones, a billionaire hedge fund manager.

The world-renowned macro analyst wrote in a May research note that he thinks Bitcoin has value in one’s portfolio due to the unorthodox monetary policy being implemented by central banks.

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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