Economist and gold advocate Peter Schiff has once again clashed with Bitcoin enthusiasts, claiming that the BTC price cannot be too low.
Schiff, who infamously called Bitcoin a fad in June 2011, maintains that the flagship cryptocurrency has no intrinsic value, which is why any positive price is not low enough.
Tesla is too high, Bitcoin is too low
On May 1, Tesla CEO Elon Musk caused quite a stir by tweeting that his company’s stock was trading too high. This almost instantly wiped nearly $15 bln from the market capitalization of the electric car manufacturer.
The shocking assertion of the eccentric billionaire didn’t go unnoticed by crypto aficionados. Bitcoin’s Twitter handle tweeted that the BTC price was, in fact, too low.
Meanwhile, BitMEX CEO Arthur Hayes joked about taking the top coin private at $420,000, copycatting Musk’s August 2018 tweet that got him in trouble with the U.S. Securities and Exchange Commission (SEC).
Bitcoin bears in disbelief
Schiff’s acrimonious tweet topped off a turbulent green week for Bitcoin (BTC) that delivered a kick in the teeth for permabears in the likes of Schiff.
On Apr. 29, the price of the cryptocurrency popped 16.40 percent, reaching its highest level since late February. BTC extended its rally the following day and rocketed to a local high of $9,482 before it hit the pause button.
While traders and analysts were trying to wrap their heads around Bitcoin’s comeback, Schiff simply dismissed it as speculations.
Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!