Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Peter Schiff, a well-known gold advocate, argues that Bitcoin (BTC) is not on sale and is currently overpriced. His comment is a classic example of his long-standing bearish view on Bitcoin, the world’s leading cryptocurrency.
Peter Schiff says Bitcoin at $100K is overpriced
"Bitcoin isn't on sale," Schiff wrote in an X post. He added that Bitcoin is ridiculously overpriced at the current price of around $100,000.
In his view, Bitcoin has no intrinsic value, meaning it does not produce cash flow and is not backed by anything tangible.
Therefore, he argued that a six-figure price is absurdly detached from reality. Schiff believes the Bitcoin price boom is a speculative bubble that will soon burst.
Once it crashes, Peter Schiff thinks holders of the coin will never again be able to sell at elevated levels. In essence, Schiff is urging users to sell their stash while Bitcoin is still at the $100,000 level.
He urged investors to cash out their Bitcoin and buy real assets, such as gold, Schiff’s favorite, as well as real estate and stocks.
His comment quickly raised discussions within the online crypto community, with many disagreeing with his perspective about Bitcoin.
One commenter thanked Schiff, stating that the market usually experiences a bullish price reversal every time he posts a FUD-filled tweet.
In response, Schiff noted that he has been posting almost daily, and Bitcoin has fallen 25% since hitting its October high.
Another Bitcoin supporter added that BTC is not overpriced but underowned. He pointed out that only 2.3 million BTC are available for mining, and less than 1.5 million BTC trade freely on exchanges.
Is this the end for Bitcoin?
Intriguingly, Schiff is just one among many others who have shared bearish sentiment toward BTC.
In a recent U.Today report, popular trader DonAlt said he would wait until BTC reclaimed $110,000 before even thinking about a bottom.
DonAlt also warned that Michael Saylor’s Strategy could lose as much as 55% of its value if Bitcoin fails to hold $100,000.
Furthermore, leading asset manager BlackRock has moved from accumulating BTC to disposing the asset. Recently, BlackRock executed a massive Bitcoin and Ethereum (ETH) offload as the bearish market took off.
As of press time, the BTC price remained in a tight range, with the price oscillating around $100,359. In the past 24 hours, the BTC value has dropped 2.5%.
However, market activity is still high, as indicated by the trading volume, which jumped 32.24% to $78 billion.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team