This financial whiz predicts BTC’s future only to see a crash, here’s why…
ambcrypto.comInvestor, financial commentator, and Euro Pacific Capital CEO Peter Schiff made a prediction on Twitter regarding the future of Bitcoin [BTC]. He claimed that the institutional adoption of cryptocurrency is coming to an end.
Additionally, the BTC non-believer also cautioned investors to be prepared for the next BTC crash.
<p lang=«en» dir=«ltr» xml:lang=«en»>The #Bitcoin pumpers on @CNBC throwing nothing but softballs to @novogratz, who basically admitted the entire Bitcoin rally was driven by existing #HODLers buying more. Institutional adoption is over. The #blockchain letter has run out of chain. Get ready for the next crash.— Peter Schiff (@PeterSchiff) April 11, 2023
Schiff also chastised CNBC for failing to ask Galaxy CEO Mike Novogratz probing questions. He alleged that members of the news staff are “Bitcoin pumpers.”
The financial commentator claimed that Novogratz himself stated that BTC’s recent rally was driven solely by existing holders buying more. He further stated that it wasn’t due to institutional adoption.
Schiff claimed that the excitement surrounding BTC’s underlying technology subsided and warned investors of an impending crypto crash. Schiff was also skeptical of the cryptocurrency’s long-term viability.
Furthermore, a vocal critic of the cryptocurrency for years, he shares his views with several Congress members in the U.S. He once compared crypto to a Ponzi scheme.
However, Peter Schiff’s pro-crypto investor son, Spencer Schiff, reminded him that he once predicted BTC would be well below $10,000 by 2023. Spencer, on the other hand, remained a little too bullish about the token’s future.
<p lang=«en» dir=«ltr» xml:lang=«en»>You thought bitcoin would be below 10K by now— Spencer Schiff
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