Peter Schiff speculation, bitcoin will never hit $50k

[wajik-tempe]

Moreover, we can definitely see another wave of emotional cryptocurrency purchases made by inexperienced people which will provoke another bull run. If you want more reason, although difficult, applying technical, fundamentals and time related Fibonacci levels, still there's a good chance BTC hits $100,000 sometime 2021 onwards.

The market is maturing and i am not expecting anything like that in the future, people will invest a few thousands when ever they see a big rally and right now many banks has banned from using credit cards to purchase bitcoin, in the last rally many people used their credit cards and maxed out to purchase coins and when the market started falling they were not able to return those and now things have changed, you will not be able to purchase using credit cards directly but i am also optimistic like everyone and i too expect the market to rally.

Ofcourse banks will prevent their customers for buying bitcoins because the bitcoin decentralized system if it already become mainstream and everyone use it, i think banks will have a dangerous position and people will leave it. Also for me investing bitcoins or cryptocurrency with creditcard is not reccomended because sometimes our assets is could be gone anytime and we'll have debt to banks

[bbc.reporter]

Peter Schiff is feasting on bitcoin's dump down to $7600 similar to a forum cave troll hehe. In any case, it is fine to be a bitcoin bear, however, Peter Schiff should try to be credible about it. Dumping to $1000 might be the death dump for miners. This is impossible, I reckon.


GOLD BUG SCHIFF CLINGS TO $2,000-$1,000 PREDICTION

Peter Schiff, gold bug and traditional investor advisor, sees an ominous picture in the current slide. Without a relief rally closer to $9,000, bitcoin may continue downward to as low as $1,000, based on Schiff’s most pessimistic prediction.

@PeterSchiff
#Bitcoin is nearing the neckline of the head-and-shoulders top I pointed out before the Oct 25th 40% pump. The right shoulder is now shrugged and the neckline slanted and parallel to the shoulders. If it breaks the price objective for the dump is $1,000 to complete the pattern.

Source https://bitcoinist.com/peter-schiff-doubles-down-on-1000-bitcoin-prediction/

[bbc.reporter]

Peter Schiff very expectedly on the attack as bitcoin's price weakens hehehe. I reckon that he is partly correct on his criticizing of APompliano, however. Why are the bitcoiners changing the storyboard from safe haven asset to noncorrelated asset?



Schiff: Bitcoin as a safe haven is “nonsense”

BTC/USD has seen considerable selling pressure since the weekend, losing almost $1,000 over the past three days.
“Bitcoin promoters claim #Bitcoin has proven itself to be superior to #gold as a safe haven and store of value. This is nonsense,” one post reads.
 
“Bitcoin hasn't been around long enough to prove anything other than P.T Barnum right. There's a sucker born every minute and many of them own Bitcoin.”

For Schiff, however, this was not convincing enough.
 
“On CNN @APompliano admitted that #Bitcoin isn't a safe haven asset, but a non-correlated asset, meaning regardless of what other assets do, Bitcoin is as likely to go down as up,” he claimed on Wednesday.
 
“So the value of Bitcoin is that no one has any idea what its price will do. What's that worth?”

Read in full https://cointelegraph.com/news/bitcoin-suckers-are-wrong-about-safe-haven-status-peter-schiff

Source https://twitter.com/PeterSchiff/status/1232339689824309250

[blckhawk]

Well, it feels like I've heard it before but different cases but not entirely the same this is when someonen spend his Bitcoin just to bought pizza and if we will compare it to this he had no idea how bitcoin can be great. Bitcoin always surprises us sometimes it suddenly pump and suddenly drop as well. I think it is just a matter of risk if you will believe on it or not.

[dragonvslinux]

My Peter Schiff trading indicator just suggested that Bitcoin may hit $50K sooner than originally expected.

[bbc.reporter]

@dragonvslinux. The coronavirus said no hehehehe.

In any case, the bitcoin market situation might be very bad if we do not hear more bashings from Peter Schiff anymore. He might be pitying us hehehe.

[dragonvslinux]

@dragonvslinux. The coronavirus said no hehehehe.

In any case, the bitcoin market situation might be very bad if we do not hear more bashings from Peter Schiff anymore. He might be pitying us hehehe.

I think you're almost certainly right, the virus has definitely put the brakes moonshot for now. I'm glad you bumped this topic, this is why being a permabull is no good 
Let's hope Schiff comes up with some more $0 predictions in the near future 

[adaseb]

You got to picture this scenario. Everybody is stuck at home and nothing to do except trade or watch Netflix. Most retail have went all cash due to fear and panic. And they are bored and want to trade. All of a sudden BTC starts mooning right before the halving. Everybody will see this. So they learn its an asset that doesn't inflate like cash and they will buy it for the hell of it.

We will get massive inflows into crypto and might we an ATH if the stock markets keep tanking. Most retail traders usually buy stocks or other assets like bitcoin or gold. They don't like to short. Hence when there is nothing to buy but bitcoin they will buy it and we might explode in price.

Its one theory, doesn't mean it will happen. But you never know.

[STT]

Ordinarily people would run out of cash in any deflationary event.  This is all about that central bank policy and how no matter what they cannot allow a contraction to occur because it will wipe them out, such is the epic scale of debt in existence now.   They do require inflation is the ongoing theme, it does unwind and get out of control at some point but for the moment they will just ensure the QE matches current environment.

GOLD BUG SCHIFF CLINGS TO $2,000-$1,000 PREDICTION

That might happen in a normal play out but by Schiff's own judgement he knows inflation is the norm.   I think alot of it is his personal reckoning is off on technology and its usage for normal people being high.    
   We could see [Interest bank base rates] 10% rates if this virus was spreading in the 1970's.   Hong Kong had something very deadly like this back then but the whole world was different also.   5% even would be too high to handle right now so they have to do the opposite.    If that trajectory is correct, this idea of 1k or 2k for BTC is way off as a target though volatility can make every price register .

[Wind_FURY]

A gold bug that doesn't want people to hold a truly self-sovereign, energy-backed hard money, and he actually wants us to hold mere gold certificates that requires third-party-trust. OK.

How do we know the gold in his vaults are actually there, or will actually be there? Third-party-trust is a security hole. HODL Bitcoin.

[Wind_FURY]

I saw this funny meme shared across Twitter. Plus did Peter Schiff's tirade against Bitcoin actually start from 2012? It would be laughable.

[gentlemand]

This one posted on Reddit has some gold too.



I assume by this point he's come too far to give up now. There'll be a moment where he's simply shitting all over his own panties, and image, but won't be capable of recognising it. Maybe that moment was already long ago.

[coinfinger]

Wouldn't really makes sense for someone who is not investing into bitcoin at all and invested in other stuff to promote bitcoin and downplay his own investment would it.

Not just because he might be wrong, not because he is actually believing what he is saying (maybe he actually does believe it, maybe he doesn't) but that basically is the only reason, he might be just trying to get as much attention away from bitcoin and into his own investments. That is what a real investment banker would do, that is what a broker would do, anyone who thinks Peter is dealing with his own alone is wrong, dude manages a lot of money and if he comes up and says "I was wrong, bitcoin is good, I made a mistake" that would be terrible for him, so he is going to obviously stick to his guns.

[kesmex]

if Peter had talked like that, I thought that it would mean a price break of at least $ 20,000 to $ 30000, a highly awaited number  , this is very interesting, especially since the current bullish sentiment is more than FUD

[STT]

His investment is his management company more then anything else, the assets contained within are a matter of opinion.    He has lots of foreign stocks, China especially I think and gold miners and oil I believe.

The problem with advice from Schiff is he is not a trader especially, so making a call like this when we have alot of inflation and easy money is he can easily be wrong.   The real message he is trying to say is fundamental not timing especially, so he is doing himself no favours.

[Wind_FURY]

This one posted on Reddit has some gold too.



I assume by this point he's come too far to give up now. There'll be a moment where he's simply shitting all over his own panties, and image, but won't be capable of recognising it. Maybe that moment was already long ago.

Plus also this one! Peter Schiff on 2025, when Bitcoin surges to $100,000 per coin. I hope he doesn't loose his password/seed words/private keys, and blame Bitcoin like before. Hahaha.