Despite the fact that the value of Bitcoin has increased by 150% since its last fall in mid-March, Peter Schiff is once again downplaying Bitcoin. What did he say this time?
According to Schiff, a staunch defender of gold, which has also gained in popularity over the past season, he says Bitcoin will not manage to reach the $20,000 mark this year.
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According to Schiff, Bitcoin unable to reach the peak
Based on the central bank’s purchases combined with expansive monetary policies, the value of gold these days has risen, reaching historical figures in parallel with the dollar.
It seems that not only has it reached this point, it is a trend that will continue for the foreseeable future according to all forecasts.
With that in mind, Peter Schiff doesn’t think Bitcoin will be able to return to peak numbers.
„I’m only talking about the last 2.5 years. I was wrong not to buy Bitcoin 8 years ago, but anyone who still has it was wrong not to sell it 2.5 years ago. #Gold will probably reach a new all-time high in 2020.# #Bitcoin won’t even come close,# wrote Schiff on the social network Twitter.
Other personalities, such as Lisa Shallet, director of Morgan Stanley Wealth Management, complement this position, supporting the extraordinary rise that the dollar has had lately.
„The dollar may be close to a peak. If the dollar weakens, it may be a good time for certain investors to consider adding some gold to their portfolios.
Peter Schiff’s positions are controversial, as both markets have increased in value over time, albeit with some variability in their climates.
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BTC supporters also present their reasons for supporting cryptomonics. Many expect it to return to its historic high.
With today’s unstable economy, many people, instead of minimizing Bitcoin, are putting aside investments in assets such as the dollar or gold to take on cryptomonics.
Arthur Hayes, CEO of BitMEX, agrees with the rise of BTC. He refers in his blog to the fact that the constant printing of large amounts of cash inevitably leads to the appreciation of Bitcoin.
Instead of minimizing it, Haves believes that Bitcoin should increase in value.