Peter Schiff Has Doomy Prediction for Millennial Bitcoin Holders

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Tue, 12/17/2019 - 18:58
Alex Dovbnya
Gold bug Peter Schiff believes that millennial Bitcoin holders could learn investing the hard way after being wiped out
Cover image via U.Today
Contents

Euro Pacific Capital CEO Peter Schiff thinks that millennials who choose to invest in Bitcoin could still earn their money back. Schiff is certain that getting their savings wiped out could be a valuable lesson for the representatives of the most crypto-friendly demo. 

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Schiff says he's not an old fool

The new doom-laden tweet just one day after the gold bug's latest interview on Kitco where he lambasted Bitcoin, crypto "propaganda" and holders for four minutes straight. 

Schiff said that he wasn't an old fool that failed to understand the technology behind it. Instead, he took a jab at the millennial generation that keeps falling for the "fraud." He also predicted that the price of BTC would continue to go down despite the 2020 halvening. 

"I just think that we are in a bear market. Bitcoin topped out about two years ago (in fact, a little over two years ago). So the price of Bitcoin has been falling for the past two years, and I expect that to continue."

Prior to that, he slammed BTC for being an alleged "pump-and-dump" scheme.  

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The generational transfer of wealth 

In the opposite corner, there is digital asset management firm Grayscale that is known for its anti-gold stance. Grayscale's "Drop Gold" campaign ruffled the feathers of many gold bugs, including Schiff himself.        

Bitcoin is promoted by Grayscale as digital gold that comes as a viable replacement for shiny and bulky rocks.

As reported by U.Today, Grayscale's managing director Michael Sonnenshein recently opined that Bitcoin a lot of money could flop into Bitcoin as a result of the $68 trln generational wealth transfer to millennials. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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