October 21, 2020

Peter Schiff: I Was Wrong About Bitcoin

Peter Schiff: I Was Wrong About Bitcoin

Renowned cryptocurrency critic Peter Schiff admitted that his Bitcoin prediction was wrong.

Twitter user Sharkybit posted a screenshot of the prediction in which Schiff argued that the price of BTC would fall once the price of gold began to rise.

Schiff replied:

bitcoin. BTC did manage to touch $ 12k. This was mainly due to the gold correlation and the massive TV advertising campaign launched by Grayscale.

He also added that the fall to $ 10,000 marks the beginning of a new bear race.

BTC is trading at around $ 10,200 at the time of writing, down 15% from its August high of $ 120,000. The correlation between gold and bitcoin has been around 0-20% for two weeks now.

Peter Schiff: I Was Wrong About Bitcoin

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According to the materials cointelegraph.com