Gold bug and economist Peter Schiff has warned that the price of bitcoin may not rise when other financial assets rebound, even though the crypto fell alongside them. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets,” he predicted.
Peter Schiff’s Bitcoin Outlook
Economist and gold bug Peter Schiff shared his thoughts about the future of bitcoin and cryptocurrency in a series of tweets this week. He wrote Monday:
The fact that bitcoin fell along with financial assets doesn’t mean that it will rise once those markets turn.
“Bitcoin isn’t a financial asset. It’s a collectable digital token,” Schiff continued. “The bitcoin bubble popped and collectors will be selling no matter what happens to financial assets.”
The economist also believes that bitcoin is not scarce despite the cryptocurrency’s 21 million supply cap. Responding to a tweet Tuesday stating that BTC is “the scarcest and most desirable asset the world h
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