Bitcoin Critic Peter Schiff Says There Are No Signs of Bear Market Bottom Now

[tokyohd]

Founder of SchiffGold and CEO of Euro Pacific Capital Peter Schiff has taken to Twitter to comment on the return of Bitcoin above the $20,000 level. He does not believe the growth will continue.

"$20K is the new $30K" for Bitcoin

Schiff has warned that Bitcoin holders should not get excited about BTC going back above the $20,000 line. He believes that $20,000 is "the new $30,000" and that such small rises are normal for a big decline. Big drops do not occur in a single line, he added, and the slow crash is "extremely orderly."

Schiff also stated that he does not yet see any signs of a capitulation that would signify a bottom of the current bear market for crypto.

Several times earlier this year, Schiff shared a prediction that Bitcoin would fall as low as to test $6,000. Over the weekend, he tweeted that his earlier prediction of the cryptocurrency market dropping below the $800 billion mark had been confirmed, but it took a few more days and altcoins held up better than he expected them too.

"Gold has risen 40% since 2017 unlike BTC"
Even then
Between Bitcoin and Gold I prefer invest to Bitcoin. You?

Full Details:
https://u.today/bitcoin-critic-peter-schiff-says-there-are-no-signs-of-bear-market-bottom-now

[Lucius]

How about not opening a new topic for every statement you find when it comes to Schiff? Man is an investor in gold and uses Bitcoin to convince as many people as possible to invest in gold...

https://bitcointalk.org/index.php?topic=5402706.0

[jackg]

Big drops do not occur in a single line, he added, and the slow crash is "extremely orderly."

Is this positive of "you can't expect it to drop fast" or "you can't say I was wrong just because I was" I can't decide which of the two...

Man is an investor in gold and uses Bitcoin to convince as many people as possible to invest in gold...

I think people need to get better at checking data on their investments though too. Gold can stay stagnant or even drop for years (it's not a good hedge against inflation if we're at the same price we were at in 2012)...

[texgeek]

Schiff has warned that Bitcoin holders should not get excited about BTC going back above the $20,000 line. He believes that $20,000 is "the new $30,000" and that such small rises are normal for a big decline. Big drops do not occur in a single line, he added, and the slow crash is "extremely orderly."

From 'Founder of SchiffGold' i think we cannot consider many insigths from him.

On investments with scarcity perspective, gold and btc, are similar, but one is virtual and another one fisical 'real', so as my example,
i have 20% on gold, and the rest on BTC.  Looking for investment long term perspective, BTC is 2321283719873x better then Gold.

[avikz]

Do you expect anything else from a traditional investor who runs a capital management company in the traditional marketplaces? I frankly, do not expect anything positive coming out from such people!

Bitcoin goes through a bear cycle like many other assets. It's very similar to what we have seen back in 2017-18 phase. So if you have the guts to stay invested and accumulate along the way, the reward can be way better that you could imagine.

[mk4]

Of all the people I'd listen to for bitcoin price-related advice, I'd probably put Peter Schiff close to last. Dude has been calling crashes since like bitcoin was in the hundreds.

[NeuroticFish]

Schiff also stated that he does not yet see any signs of a capitulation that would signify a bottom of the current bear market for crypto.

I think that the only moments he was not seeing the doom of Bitcoin were in the ATH days. But I'm not sure even about then.
For somebody who pretends to be against Bitcoin, this guy tweets far too much about it. However, I oddly find his tweets entertaining and I see them as advertising (!).

But the fact he's trolling continuously makes his tweets far from something to be taken serious.
However, like a broken clock that show the correct time twice a day, he may be right: the bear market may indeed not be over yet. Caution is in order for now.

[HardFacts]

How about not opening a new topic for every statement you find when it comes to Schiff? Man is an investor in gold and uses Bitcoin to convince as many people as possible to invest in gold...

People bought gold for 5000 years before Bitcoin came along...   Peter Schiff was in the gold business long before Bitcoin was invented.  The fact that you think that Peter Schiff uses Bitcoin to sell good is delusional, gold sells with or without Bitcoin.

Peter talks about a LOT of different investments, real estate, stocks, bonds, NFT's, you name it.  He just knows Bitcoin is a Ponzi Scheme that will collapse one day and is not afraid to call it out...

[Silberman]

We can’t expect something good coming from a person that is perma Bitcoin critic. Although the bottom is really not certain if we already hit or not. Peter Schiff will never change his side unless he will be able to purchase again at lower price. Once a hater always a hater is the perfect saying on article like this. We should just ignore his existence since he didn't contribute well on the growth of Bitcoin. People is just using his nonsens tweet to spread more fud about Bitcoin.

Without a doubt it is a mistake to expect anything but criticism when it comes to Peter Schiff talking about bitcoin, however this routine is getting old, how many times is Peter Schiff going to use the same arguments to try to prove his point that gold is better than bitcoin? At this point his routine is so well known that a great deal of people can anticipate the criticism that he is going to use this time around, so it is better to not waste our time with someone like him.

[HardFacts]

Founder of SchiffGold and CEO of Euro Pacific Capital Peter Schiff has taken to Twitter to comment on the return of Bitcoin above the $20,000 level. He does not believe the growth will continue.

"$20K is the new $30K" for Bitcoin

Schiff has warned that Bitcoin holders should not get excited about BTC going back above the $20,000 line. He believes that $20,000 is "the new $30,000" and that such small rises are normal for a big decline. Big drops do not occur in a single line, he added, and the slow crash is "extremely orderly."

Peter Schiff is always right, you would be WISE to listen to him and take his advice.   The only difficult things about his predictions is that they are very early, he is smart enough to see things happening before anyone else does....

[fiulpro]

When have anyone ever predicted the price right?it's a market, the whole idea of a decentralized system is zero control from various bodies and therefore any predictions are fragile as well for me i have stopped listening from people and stopped even looking at such news, all you get at the end of the day is a well established system, especially from being a participant in a campaign ' you earn through bitcoins, sell them or keep them, make sure you keep the whole economy active and it does not matter what the price is'
For traders as well they are well able to grab profits from these markets as well therefore it cannot be that bad and therefore don't worry just keep holding your coins and do not get scared.

[Upgrade00]

Peter Schiff is always right, you would be WISE to listen to him and take his advice.   The only difficult things about his predictions is that they are very early, he is smart enough to see things happening before anyone else does....

Peter Schiff has been wrong many times about Bitcoin over the years. Constantly predicting crashes and then getting vocal during bearish market cycles which is a pretty normal scenario in every market, only to go silent again when the bulls take over is not being smart or seeing things early, it's just being a critic; and not a constructive one at that.

At best, he is just being polarising cause he knows Bitcoin is a trend that will get him traffic and the more insane his criticisms are the more audience he gets.

[buwaytress]

Yeah, gold lovers love gold because it's been going up and up in a slower, less pacy trend. We know that. We also know Bitcoin does go up and up, but only spends about 10% of its lifetime in incremental steps up, and 90% meandering and crashing. So it's a long game for both, but perhaps gold doesn't have the heartache and patience required of Bitcoin holders.

But we knew that. We've been taught all of that from history, experienced it ourselves, and are getting schooled all over again.

We knew that... right guys?

[sunsilk]

Now he's analyzing bitcoin even if he's not really into it? What's the twist on this one? He should just stay on his calls with gold and never compare bitcoin if he's not really into it.

This guy has been telling his all negatives that he can to bitcoin ever since.

One of the critics of bitcoin and he'll never stop discussing it because he knows that we bitcoin folks are likely to have to convey conversion with his words and that's a free advertisement for him.