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Peter Schiff Predicts Collapse of Bitcoin, Says It Won't Shine for Long

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Wed, 05/06/2020 - 09:13
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Alex Dovbnya
With only five days left until the much-anticipated Bitcoin halving, gold bug Peter Schiff is going on another Twitter rant, predicting the collapse of Bitcoin
Peter Schiff Predicts Collapse of Bitcoin, Says It Won't Shine for Long
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During another rage-tweeting spree, Euro Pacific Capital CEO Peter Schiff is predicting the collapse of Bitcoin.

He admits that he likes riling crypto Twitter up, but this apparently won’t last for too long since the cryptocurrency that started it all doesn’t have much time left to shine. 

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A bearish case for the halving

Searches for this year’s Bitcoin halving have so far quadrupled compared to 2016, with only five days left until the big event.

Schiff is also keeping tabs on the much-anticipated supply cut that has historically led to enormous price appreciation.

The gold bug says that being long on the brink of the halving is the most obvious consensus trade, which is why it will probably fail. He is certain that there is no demand to push the price higher.  

Anthony Pompliano of Morgan Creek Digital suggested Schiff put his money where his mouth is and short Bitcoin instead of tweeting about it.

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Why Schiff might be right

While hardly anyone takes Schiff’s doomy Bitcoin tweets seriously, there might be a grain of truth in his halving call.

Back in 2016, there was no immediate rally after the supply-changing event. The BTC price fell nearly 30 percent from July 9 to Aug. 2 (from $660 to $465) before slowly grinding higher and higher.

According to Bloomberg’s crypto skeptic Joe Weisenthal, the disillusionment surrounding the halving could produce a big bear market.   

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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.