In a recent tweet, Bitcoin nemesis Peter Schiff predicted that the price of the largest cryptocurrency would drop below the $18,000 level once again.
Schiff's bearish prediction comes after the flagship cryptocurrency managed to touch the highest level in several months after reclaiming the $21,000 level once again.
The gold evangelist has long argued that the largest cryptocurrency is ill-suited for use as an investment or store-of-value asset due to its extreme volatility.
The investor has repeatedly asserted that Bitcoin's success is only due to speculation, while discounting its technological strengths.
Alex DovbnyaHe believes gold still has a much more reliable track record of staying power in terms of long-term investments.
Unsurprisingly, Schiff's predictions have been met with widespread skepticism since they are not exactly accurate. While Schiff did manage to predict a few bear cycles, his followers missed out on massive gains.
Despite discovering Bitcoin as early as in 2011, Schiff has spent years predicting the cryptocurrency's imminent demise.
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.
Arman Shirinyan
Dan Burgin
Vladislav Sopov