Main navigation

Bitcoin Critic Peter Schiff Believes BTC Still Headed to Zero: Details

Mon, 03/27/2023 - 13:42
article image
Tomiwabold Olajide
Bitcoin has gained 69% year-to-date
Bitcoin Critic Peter Schiff Believes BTC Still Headed to Zero: Details
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Peter Schiff, a critic of Bitcoin, still seems to believe that the most popular cryptocurrency will eventually reach zero. A user had taken a dig at Schiff, recalling his Bitcoin debate in 2017. The user remembers Schiff telling everyone that Bitcoin, which was then valued at $5,000, was headed to zero.

The user added that he was glad to have bought Bitcoin. Schiff replied, "It's still going to zero. Just traveling a long road."

It bears mentioning that Schiff has long criticized Bitcoin and has repeatedly predicted its collapse.

On the contrary, Bitcoin has shown itself to be a strong asset, surviving numerous downturns and negative events. Despite Bitcoin's consistently strong depiction, Schiff has not changed his stance regarding it.

Bitcoin up 47% after Schiff said to sell

As reported earlier, Schiff asked Bitcoin holders to sell their assets in light of the concerns brought on by the bank failures heralded by the Silicon Valley Bank (SVB) collapse.

Peter Schiff Sends Warning to Crypto Community, Advises Selling Bitcoin (BTC)

Now, Bitcoin (BTC) is higher, up nearly 47% from the lows of $19,791 reached when Schiff urged Bitcoin holders to sell their assets.

In the past week, Bitcoin racked up a stellar run, climbing to highs of $28,937 on March 22 despite a slew of enforcement actions against cryptocurrency companies announced by the U.S. Securities and Exchange Commission.

Bitcoin has gained 69% year-to-date, and at the time of writing, it was marginally up to $27,858.

According to Glassnode, the Bitcoin binary CDD, a valuable metric for identifying elevated periods of Coin Day Destruction, reveals where Bitcoin currently stands in its cycle.

Glassnode suggests that the market remains firmly within a quiet patch, typical of bearish markets, early bulls and the transitional period in between.

article image
About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.