Bitcoin’s (BTC) Downside Risk Limited to 100 Percent Unlike Oil: Peter Schiff
Prominent Bitcoin advocate and Bitcoin hater, Peter Schiff, has taken to Twitter to comment on yesterday’s plummetting of the crude oil futures price. He is trolling Bitcoin supporters again, saying that while oil can drop to below zero, Bitcoin cannot.
All that BTC can decline, Schiff says, is one hundred percent and that’s it.
Oil dares Bitcoin to take the same price plunge?
Peter Schiff, well known in the crypto community as a constant Bitcoin critic, has publicly stabbed BTC no matter what happens. After yesterday’s collapse of oil prices to below the zero mark, Schiff criticized BTC fans who kept telling him that Bitcoin has never fallen that far.
He states that, of course, all Bitcoin can lose is one hundred percent of its value. That can hardly be considered a good reason to buy it, Schiff adds.
Bitcoin bugs claim that oil's plunge into negative territory validates Bitcoin as an asset class, as despite its high volatility and big drops, its price never fell below zero. I agree that the down side risk in #Bitcoin is limited to 100%. Not exactly a compelling reason to buy!
— Peter Schiff (@PeterSchiff) April 21, 2020
Yuri MolchanBitcoin may do well for 2-3 years: Peter Schiff
In a recent episode of the ‘Off the Chain’ podcast hosted by Anthony Pompliano, Peter Schiff also poured tons of criticism over Bitcoin. He stated that nobody knows how Bitcoin behaves during a financial crisis since it does not have a long life span. This was Schiff’s hint that Bitcoin is only twelve years old (launched in 2008) and for financial markets, this is by no means sufficient to see how an asset behaves in the long term.
Still, Schiff admitted that Bitcoin might do well within the next two or three years but afterward it likely will completely lose its value.
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