Peter Schiff Admits Bitcoin Is Rare, But He Doesn’t Matter In This Crash

Peter Schiff Admits Bitcoin Is Rare, But He Doesn’t Matter In This Crash


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Yuri Molchan

A prominent Bitcoin critic has acknowledged the scarcity of Bitcoin after he recently said that the cryptocurrency has a future, but there is a problem

Vocal Bitcoin opponent Peter Schiff, founder and president of SchiffGold Fund, took to Twitter to comment on the extended fall of Bitcoin that occurred on Tuesday.

He said he admitted that bitcoin is indeed scarce, but that it doesn’t matter now.

Bitcoin Dominance Is Declining, And Its Scarcity Isn’t Helping

On Tuesday, it collapsed 5.61%, falling to $18,630 – its biggest drop in two months. Peter Schiff stated in his tweet that there is not only an extended crash of Bitcoin, but the dominance of BTC is severely declining.

Currently, that measure is down to 38.1%, the lowest level since the previous crypto winter in June 2018.

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Schiff believes that the loss of dominance in the cryptocurrency market is due to the fact that Bitcoin has to compete with nearly 21,000 other cryptocurrencies, NFTs, and crypto-based stocks. As for the altcoins over which BTC is losing its dominance, Schiff referred to them as “of intrinsically less valuable,” as well as Bitcoin.

The economist also admitted that Bitcoin is a scarce asset; However, in the current situation, that doesn’t matter, he said, because altcoins have a much larger supply than bitcoin. Bitcoin makers, including Schiff’s son Spencer, were quick to convince Schiff that he was not right.

Earlier, Schiff admitted that cryptocurrency “may have a future,” but that Bitcoin would not be a part of it. Influencer David Gokhshtein admitted that Peter Schiff got his prediction about BTC right this time.

$20,000 is a false bottom.

On Tuesday, fund manager and gold personality Schiff took to Twitter to share his opinion that $20,000 is likely to prove a false bottom for the benchmark cryptocurrency.

He stated that BTC has been trading near that level for nearly two weeks as the market has been giving naive investors a chance to jump on that bandwagon. He recommended leaving the “sinking ship” before it was too late.

Oddly enough, the major cryptocurrency went deeper the next day after that tweet.

Mike McGlone Claims Bitcoin Is Still in a Bull Market

On Tuesday, Bloomberg’s chief commodity strategist, Mike McGlone, shared a screenshot with a quote from a recent Bloomberg report. This year, she said, BTC has joined the likes of global stores of value, along with gold and US Treasuries.

The report also noted that previously, in 2015 and 2018-19, the major cryptocurrency went through similar deep crashes as it does now, and after that, the price rose to new historical peaks.

At the time of writing, Bitcoin is changing hands at $18,785 per coin on the Bitstamp exchange.





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