Peter Schiff turned to X to share a harsh warning to Bitcoin investors, predicting the cryptocurrency's decline. Schiff attributes the persistent drop in Bitcoin's price to its inherent lack of value, citing its sustained negative trend, unlike gold and silver.
Peter Schiff's scathing critique presents a bleak outlook for the future of Bitcoin. He claims that the cryptocurrency is trapped in a downward trajectory from which it cannot escape. The critic argues that the cryptocurrency's inability to capitalize on the growing demand for stocks and precious metals indicates a greater collapse.
This prediction reiterates his skepticism towards BTC and cryptocurrencies. Recently, Schiff forecasted the decline of Bitcoin's price in contrast to the rise of gold and silver.
His latest post on X says:
"If Bitcoin doesn't rise when tech stocks rise, nor when gold and silver rise, when will it rise? The answer is: it won't rise. The Bitcoin market is over. The unwary are all in. If Bitcoin doesn't rise, it can only fall. If HODLers are lucky, it won't be a slow death."
In his previous thread, Peter Schiff posited that the price of Bitcoin is about to face its worst moment in the next four years. Pointing to the cryptocurrency's current struggle to overcome bearish sentiment, he argued that the thesis of "digital gold" has proven to be incorrect.
Recently, Schiff has attracted attention for his prediction of a prolonged bearish trend in BTC. He wrote on X: "Although the last four years have been bad for Bitcoin priced in gold, the next four will be much worse." He added:
"I don't believe that Bitcoin has decoupled from other risk assets. It simply doesn't recover as much when they rise, and it depreciates much more when they fall. What should be obvious by now is that it is not digital gold. If gold rises significantly, there is no reason to expect Bitcoin to follow its example."
Peter Schiff's statement is seen as more than just a simple critique, but rather a stern warning, as many industry experts have already sounded the alarm. For example, Peter Brandt predicted a sustained bearish trend for Bitcoin, citing historical patterns. Brandt explained that BTC is about to experience an 80% drop in this cycle, after having experienced a parabolic advance earlier this year.
