In his latest tweet, gold bug Peter Schiff voiced yet another ominous Bitcoin (BTC) price prediction. The CEO of Europe Pacific Capital apparently thinks that the number one cryptocurrency could follow the lead of Ethereum (ETH) and Ripple's XRP that are about to end 2019 with a loss (the latter is so far down by more than 50 percent in the current year).
Earlier this year Ether, the #2 crypto by market cap was up over 150%, and now it's down YTD. Ripple, the #3 crypto, has also give up its earlier gains and is now down over 50% YTD. There are still plenty of trading days left in the year for #Bitcoin to end 2019 with a loss!— Peter Schiff (@PeterSchiff) December 18, 2019
Pie in the sky
2018 turned out to be the worst year for Bitcoin in its entire history -- the leading cryptocurrency bottomed below the $3,200 level and closed the year with a 70 percent price drop. However, as of Dec. 18, Bitcoin is still up by more than 80 percent year-to-date, which is the main argument of the bulls who want to justify its abysmal performance in late 2019.
Bitcoin up 100% YoY https://t.co/ZHg4RRflVP— Erik Voorhees (@ErikVoorhees) December 17, 2019
With bears still in charge, it is unlikely that Bitcoin will be able to stage a convincing recovery before the end of this year. The top cryptocurrency dropped to a new intraday low of $6,452, CoinStats data shows. At press time, Bitcoin is trading at $6,590 after witnessing a slight price uptick.
Schiff usually becomes more active on Twitter when things turn south for Bitcoin, the novel digital asset that threatens to replace his much-beloved gold.
Earlier this week, he called Bitcoin a "fraud" while urging early adopters to get out of the market due to the coin's falling prices.
He also opined that Bitcoin's fall from grace could be a good life lesson for gullible millennials who will still be able to earn their money back.