Peter Schiff says he’s wrong about Bitcoin (BTC)

Peter Schiff says he’s wrong about Bitcoin (BTC)

Peter Schiff said he was wrong that Bitcoin (BTC) could not reach $ 50,000, but still thinks cryptocurrencies are balloons.Economist, pro-gold, and anti-Bitcoin Peter Schiff said he was wrong in predicting that Bitcoin could not reach $ 50,000.

Bitcoin Price Hits $ 50,000 For The First Time

For the first time since its launch, Bitcoin has reached its $ 50,000 goal. It may have declined now, but still has risen by 3% in the past 24 hours. This means that the seven-day return is more than 10%.

According to CryptoPotato’s report, Bitcoin investors earned more than 70% returns. If we look at it since the collapse in March 2020, we could say that the return was 1200%.

Although celebrated by the community, $ 50,341 came this far with dips and various traps. Declining from $ 41,450 to $ 30,261 in just 48 hours, Bitcoin melted down billions of dollars of leveraged position.

Investors holding their bitcoins saw $ 50,341 30 days later. Of course, some people still interpret BTC as a bubble of no value.

Peter Schiff declares he’s wrong… but he still continues to malign

In 2019, in his discussion with Thomas Lee, he said that gold would see $ 5,000 in two years and Bitcoin would not reach $ 50,000. Nine years later, Schiff’s predictions didn’t hold up. Schiff, who attacked Lee after he was wrong in his 2018 Bitcoin prediction, said, “Gold will reach $ 5000, but Bitcoin will not reach $ 50,000.”

Today it turns out that the economist was wrong.

“Of course, I was wrong in my guess. Now let’s see how long it stays on the $ 50,000 levels and see how many smart people there are. “

Of course, this wouldn’t be the classic Schiff behavior if he didn’t try to explain to everyone that Bitcoin is a bubble. For this reason, the famous name continued to criticize even when he said he was wrong.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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