Bitcoin Critic Peter Schiff Warns BTC Is Poised to Fall Below $58,000

As a seasoned researcher with over three decades of experience in the financial markets, I have witnessed numerous trends, cycles, and revolutions. Having closely followed the evolution of Bitcoin since its inception, I find myself intrigued by the ongoing debate between its advocates and critics like Peter Schiff.


Known Bitcoin (BTC) skeptic Peter Schiff has expressed a pessimistic viewpoint towards the world’s leading cryptocurrency. According to him, Bitcoin might drop below its current level of $59,018.

In a recent social media post, Schiff drew a parallel between Bitcoin’s progress and that of gold. As an advocate for gold, Schiff highlighted that gold has reached a fresh peak surpassing $2,586. Previously in another post, he mentioned that silver surged past $31, meanwhile Bitcoin dipped below $59,000. Disregarding Bitcoin, he further commented that “Bitcoin isn’t even close to being digital gold; it’s not even digital silver.

Bitcoin, often likened to gold, serves as a digital counterpart due to its potential for investment. Yet, Schiff maintains a differing viewpoint, asserting that Bitcoin lacks any intrinsic worth.

Schiff’s Preference for Gold Over Bitcoin

Euro Pacific Capital Inc’s CEO and global strategist, Schiff, opines that the Bitcoin market may have reached its peak. In response to a user questioning his critique of Bitcoin at $58,000, Schiff clarifies that he was suggesting that Bitcoin might be peaking, hinting at a possible drop that could go significantly below the $58,000 mark.

Last Friday, Schiff expressed joy over gold reaching $2,573, deeming it a fortunate day for gold investors. In his characteristic style, he jabbed at Bitcoin, claiming its speculators are currently in an unlucky predicament. Interestingly, Schiff also noted that such high gold prices often signal other problems, like unemployment, inflation, and potential economic recession.

The popular investor recently rebuked CNBC’s Fast Money show for failing to mention gold despite its record high and top-performing mining stocks. He added that CNBC’s coverage is unfair because the media giant usually reports Bitcoin extensively when it hits a new high.

Pro-Bitcoin Sentiments from Kiyosaki and Standard Chartered

Robert Kiyosaki, famously known as the author of “Rich Dad Poor Dad,” is a vocal supporter of Bitcoin. He recently encouraged individuals to utilize Bitcoin as a means of protection against economic issues stemming from the US national debt. Kiyosaki emphasizes that this debt has surpassed $35 trillion, a problem he believes neither Donald Trump nor Kamala Harris can address. In his opinion, the US debt increases by over a trillion dollars approximately every 100 days, leading him to label the dollar as valueless. His proposed solution is for people to cease saving dollars and instead opt for assets such as Bitcoin, gold, and silver.

Despite the outcome of the upcoming election, Standard Chartered, a leading financial services company, maintains an optimistic view on Bitcoin. The bank suggests that the impact of the election on the Bitcoin market may not be as significant as some people think. Geoff Kendrick, the global head of digital assets research at Standard Chartered, explains that the price of Bitcoin is influenced by numerous factors, not just the election result. According to their report, Bitcoin’s value could reach $125,000 if Donald Trump wins or $75,000 if Kamala Harris becomes president, both figures being reached by the end of the year.

Kendrick thinks that there might be some fluctuations, particularly if Harris wins. Initially, Bitcoin may drop in value, but it could recover quickly as regulatory changes and growing acceptance among institutions continue to take place.

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2024-09-16 12:21