Peter Schiff to Bitcoin Buyers: ‘Hope Is Never a Good Investment Strategy’

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Tue, 06/30/2020 - 07:26
Alex Dovbnya
If you still expect the Bitcoin price to reach a new high before gold, Peter Schiff thinks you are delusional
Cover image via www.youtube.com
Contents

Euro Pacific Capital CEO Peter Schiff has cautioned Bitcoin buyers that hope is never ‘a good investment strategy’ in response to a poll posted by Quantum Economics Mati Greenspan.     

Schiff lambasted Bitcoiners over their delusion after 42 percent of all respondents voted that Bitcoin would outpace the Dow Jones Industrial Average (DJIA) and his beloved gold is on track to new all-time highs.  

image by @MatiGreenspan

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A lot of catching up to do 

Notably, Greenspan, a vocal cryptocurrency proponent, had pretty much the same take on the poll’s results, saying that he was ‘surprised by the responses.’

image by @MatiGreenspan

So far, the Dow and Bitcoin are down 15 percent and 53 percent from their respective ATHs of 29,562 basis points and $19,698.

Things are even better for gold bugs -- as reported by U.Today, the yellow metal is now only seven percent away from its all-time high of $1,923 that was registered in September 2011.

Last year, UBS analyst Kevin Dennean predicted that Bitcoin might replicate Japan’s Nikkei by never managing to match the peak of its previous bubble.

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JPMorgan Predicts Massive Stock Market Rally, and This Could Be Bullish for Bitcoin

Don’t doubt Tom Lee

In early February, Fundstrat’s Tom Lee predicted that the price of Bitcoin could increase three times by the end of 2020.

Back then, he expected the top cryptocurrency to surpass the Dow Jones index on track to 40,000 in 2020. 

While Lee is often criticized for his notoriously bad BTC price predictions, he was one of very few analysts who accurately called the fierce V-shaped recovery of the U.S. stock market, which is why investors will think twice before dismissing him as a permabull.

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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.

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