Main navigation

Bitcoin Has Had Worst Month Since 2011, Here’s What May Come Next: Peter Schiff

News
Sat, 05/29/2021 - 09:46
article image
Yuri Molchan
Prominent Bitcoin hater Peter Schiff expects a new crypto winter to arrive soon
Bitcoin Has Had Worst Month Since 2011, Here’s What May Come Next: Peter Schiff
Cover image via www.youtube.com

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
Contents

CEO of Euro Pacific Capital, major gold investor, Peter Schiff, has taken to Twitter to gloat over the major Bitcoin decline in May and point at gold’s rise.

He has shared his bearish take that, in his view, is likely to follow the current BTC fall to the $35,000 price mark.

“Bitcoin had its worst month since 2011”

Peter Schiff has proudly tweeted that gold managed to close above the $1,900 level in May, thus showing a 7.5-percent rise.

As for Bitcoin, he wrote that this has been the worst month for BTC in ten years. The flagship digital currency was unable to surpass the $42,000 level and failed to hold at $40,000, he gloated.

Now, Bitcoin is trading above the $30,000 support (sitting at $35,075) at the time of writing. Besides, as reported by U.Today earlier, the CIO of the Guggenheim Partners fund Scott Minerd warned that investors should be prepared for a volatile holiday weekend for BTC and Bitcoin funding rates have dropped in the red.

7860_0
Image via Twitter

Related
Grayscale Loses Whopping $2.1 Billion In Bitcoin and Other Crypto in 24 Hours

BTC “could head into longer and colder winter” than before

Speaking of the holiday weekend, Schiff added that “Memorial Day may have added meaning in crypto”.

Prominent Bitcoin evangelist and a VC investor Anthony Pompliano responded with some bullish statistics for BTC, saying that in the last year Bitcoin rose 269 percent and gold went up only ten percent.

The gold bug Schiff responded to that with his regular narrative, saying that the Bitcoin run could be over.

If the king crypto continues to decline this year, Schiff is certain, it may dive into a crypto winter that would be much “longer and colder” than it was back in 2018.

“But how do you know #Bitcoin's run isn't over? Bitcoin could easily finish 2021 with a loss, and head into an even longer and colder winter than the one it experienced in 2018.”

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.