Peter Schiff, a well-known critic of bitcoin and advocate of gold, has caused a stir in the crypto community with a recent tweet implying that the recent crypto party will soon end.
Schiff thinks the party will end soon
On Twitter, Peter Schiff, the CEO of Euro Pacific Capital and a prominent critic of bitcoin (BTC) and cryptocurrencies, shared his thoughts about the recent surge in highly speculative investments, which includes bitcoin. Schiff’s tweet garnered attention from the crypto community, as he has been known to be skeptical of digital assets for a long time.
Observers were surprised by his comment, considering the billionaire had previously indicated intentions to launch his non-fungible token (NFT) collection on the Bitcoin blockchain. This news, which he announced with artist Market Price, had generated discussions within the cryptocurrency community. Even Changpeng “CZ” Zhao, the CEO of Binance, expressed his pleasure at Schiff’s apparent shift in perspective toward crypto.
However, Schiff quickly clarified in response to CZ that he had not joined the bitcoin bandwagon. He emphasized that the value of the digital collectible lies in the art itself, with the NFTs ensuring its authenticity.
Schiff acknowledged the potential significance of NFTs, implying they could have added value if his negative stance on bitcoin proved wrong.
Schiff sees nothing good in crypto
Schiff’s latest comment is not the first time he has doubted the future value of bitcoin and digital assets. A few months ago, Schiff said that bitcoin would crash to zero one day.
The statement came after a user on Twitter playfully reminded him of his prediction in 2017, where he claimed bitcoin would become worthless when one BTC was worth just $5,000
At the time of writing, the price of bitcoin is exchanging hands for $30,600