Peter Schiff is at it again. The famed “investor” is calling for the end of crypto. Which is most likely a good thing if you look at his past predictions.
Covered:
- Peter Schiff Prediction
- History Of Peter Schiff Crypto Predictions
Peter Schiff Prediction
This could be a rough weekend for #crypto. #Bitcoin looks poised to crash to $20K and #Ethereum to $1K. If so, the entire market cap of nearly 20K digital tokens would sink below $800 billion, from nearly $3 trillion at its peak. Don’t buy this dip. You’ll lose a lot more money.
— Peter Schiff (@PeterSchiff) June 11, 2022
Peter Schiff, who is perhaps best known for hating crypto, has tweeted out some unsolicited investment advice yet again. Apparently, crypto is done for.
“This could be a rough weekend for #crypto. #Bitcoin looks poised to crash to $20K and #Ethereum to $1K,” Schiff said. “If so, the entire market cap of nearly 20K digital tokens would sink below $800 billion, from nearly $3 trillion at its peak. Don’t buy this dip. You’ll lose a lot more money.”
Schiff, who’s made his money recommending gold to unwitting dupes, didn’t provide any real reasoning for his predictions, let alone a chart. So you’re supposed to just trust his instincts.
Funny enough, Schiff has always claimed Bitcoin would fail entirely. “is this the first time he’s admitting that bitcoin won’t go to zero?,” said a Twitter user. Schiff responded, “No, my long-term target for #Bitcoin is still zero. My target for this weekend is $20K.”
With Bitcoin currently sitting at 28.5k USD, that would require essentially a 30% drop in about a day and a half.
Should you be worried? Let’s take a look at Schiff’s history of predictions.
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History Of Peter Schiff Crypto Predictions
Historically, Peter Schiff has been incredibly wrong at every juncture when it comes to Bitcoin. He’s essentially criticized the cryptocurrency since its inception. To be fair, many have been wrong about Bitcoin. Famously, investors like Kevin O’Leary and Mark Cuban both thought nothing would come of the cryptocurrency.
Though, a lot separates Schiff and those famous investors. For one, he’s not particularly famous (he’s infamous in crypto circles). Also, he hasn’t come around to crypto like O’Leary and Cuban. Lastly, their past predictions haven’t been proven to be bottom signals for Bitcoin.
Just imagine your cost basis if instead of these tweets, you bought.
Then you could rotate before the demise you seem to see so clearly!
Whether coincidental or not your comments have proven effective indicators. All in good fun.
Honest respect for your larger economic views. pic.twitter.com/BpPWI1Qc1m
— TechDev (@TechDev_52) February 7, 2022
As TechDev pointed out, there is something between a correlation and causal link between a Peter Schiff Bitcoin Tweet and a subsequent Bitcoin rise.
It’s certainly no guarantee betting against Peter Schiff. After all, broken clocks are right twice a day. He could very well be correct. Will Peter Schiff finally break his streak of predicting the bottom? History, and reason, point to no.
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