Bitcoin’s (BTC) Downside Risk Limited to 100 Percent Unlike Oil: Peter Schiff

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Tue, 04/21/2020 - 13:21
Yuri Molchan
Bitcoin critic Peter Schiff again slams Bitcoin in the context of yesterday’s oil price plunge, saying that the BTC price has a risk of a 100-percent drop
Cover image via en.wikipedia.org
Contents

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.

Related
Bitcoin (BTC) Now Buys 68,880 Barrels of Oil, Which Is More Volatile? CZ Binance

Bitcoin 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.

About the author

Yuri is a 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. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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