Peter Schiff, an outspoken opponent of BTC, reiterated the belief that the value of the most popular cryptocurrency will be worthless one day.
A user poked fun at Schiff, bringing up the bitcoin argument he made in 2017. The user recalls Schiff telling everyone that bitcoin, which at the time had a value of $5,000, was on its way to being worthless.
The individual continued by saying he was happy he had invested in bitcoin. In response, Schiff said, “It is still headed toward zero. Just going down a very long road.”
It is essential to point out that Schiff has been a critic of bitcoin for a long time and has consistently predicted it will fail. On the other hand, bitcoin has shown that it is a resilient asset by weathering several market slumps and other adverse occurrences.
Schiff has not modified his position in any way concerning bitcoin despite the persistently positive portrayal of it.
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Bitcoin is up
Bitcoin rose by 47% after Schiff advised investors to dump it. As previously reported, Schiff told bitcoin holders to liquidate their tokens in light of the worries raised by the string of bank failures preceded by Silicon Valley Bank’s bankruptcy (SVB).
When Schiff recommended owners of bitcoin assets liquidate their holdings, the price of bitcoin fell to a low of $19,791. Since then, bitcoin prices increased by almost 50%.
Bitcoin has had a great run since the bank failures, reaching a high above the $28,000 mark on March 22. This is despite the U.S. securities and exchange commission’s announcement that it would take several enforcement actions against organizations that deal in cryptocurrencies.
BTC price movement
Bitcoin’s price has increased by over 60% so far this year. At press time, BTC was hovering around $27,100 as it continues to show dominance while bulls fight to set a new ATH above the $29,000 mark.
BTC’s price slightly decreased by 1.5% within the same period despite the trading volume increasing by 2.2%.
According to Glassnode, the market is still firmly entrenched in relative calm, characteristic of bearish markets, early bull markets, and the time of transition in between.