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.
A financial asset is in a bubble when its price has no relationship to its underlying present value or a reasonable expectation of its future value, and investor conviction in price appreciation is high and fear of loss is low. At $50K #Bitcoin is the biggest bubble of them all.
— Peter Schiff (@PeterSchiff) February 16, 2021