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Peter Schiff Predicts Next Bitcoin (BTC) Crash as Institutional Adoption 'Is Over'

Tue, 04/11/2023 - 15:50
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Gamza Khanzadaev
Bitcoin bubble about to burst, warns prominent critic of cryptocurrencies
Peter Schiff Predicts Next Bitcoin (BTC) Crash as Institutional Adoption 'Is Over'
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Investor and CEO of Euro Pacific Capital Peter Schiff has made a prediction regarding the future of Bitcoin (BTC), stating that institutional adoption is over and the next crash is imminent. In a tweet, Schiff criticized CNBC's coverage of cryptocurrency, accusing them of being "Bitcoin pumpers" and not asking Mike Novogratz, known for his pro-crypto views, tough questions.

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As the crypto critic points out, Novogratz himself admitted that the recent rally of BTC was driven solely by existing holders buying more and not due to institutional adoption. Schiff claims that the "blockchain letter has run out of chain," implying that the hype surrounding Bitcoin's underlying technology has faded away. At the end of his speech, he also urged investors to "get ready for the next crash."

Bulls, bears and haters

Schiff's comments come at a time when Bitcoin is experiencing another period of price appreciation this year. Since the beginning of the week, the price of the major cryptocurrency has risen another 7% and crossed the milestone of $30,000 per BTC.

However, Schiff remains skeptical of Bitcoin's long-term viability and has been a vocal critic of the cryptocurrency for years. He previously predicted that Bitcoin's price would drop to zero and has compared it to a Ponzi scheme.

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Whether Schiff's prediction of the next Bitcoin crash will come true remains to be seen. Still, his comments reflect a broader debate surrounding the future of Bitcoin and other cryptocurrencies, with some investors bullish on their prospects, while others remain skeptical.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.