According to Schiff, although Bitcoin has managed to rally slightly after crashing to around $18,000, a section of the market believes the price movement is part of recovery, but he termed it as ‘a false sense of security’ during an interview with Natalie Brunell on October 4. Furthermore, the economist stressed that Bitcoin is in line for a drop to zero, noting that investors should treat it as a false hope despite the consolidation.
Bitcoin likely to hit $5,000
Under his projection, Schiff noted that Bitcoin would likely go to $10,000 and then $5,000. He stressed that institutions no longer get into Bitcoin while terming the asset as a scam.
Bitcoin’s status as a store of value
Finally, due to Bitcoin’s significant crash from the all-time high of almost $68,000, Schiff questioned the asset’s status as a store of value while challenging investors to opt for other assets like gold and the dollar. In the meantime, he noted that the biggest winners of Bitcoin are the sellers, terming the buyers as losers. Previously, Schiff challenged Bitcoin holders to sell the asset after it temporarily gained in what he termed a ‘sucker rally.’ Watch the full interview below: Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
