Gold bug Peter Schiff believes that Bitcoin is still heading lower in spite of its impressive recovery
The prominent investor, who has been bearish on the world’s largest cryptocurrency since 2011, described the largest cryptocurrency as a “greater fool scheme” that will inevitably fail. “All these greater fool schemes always fail. You run out of fools, and the last fool is the bagholder,” Schiff said.
It is worth mentioning that Schiff’s price predictions should be taken with a pinch of salt. Back in August 2019, the libertarian economist and money managerthat the price of Bitcoin would never reach $50,000. Due to the impressive number of failed price calls, some traders now treat Schiff as a contrarian indicator. The gold bug has been predicting the demise of Bitcoin for more than a decade.
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