Benzinga - Renowned economist Peter Schiff has issued a warning to Bitcoin (CRYPTO: BTC) holders, predicting a larger crash in the cryptocurrency’s value.
What Happened: In a tweet on Monday, Schiff reminded Bitcoin holders of the currency’s significant drop in value from November 2021 to a year later. He tweeted, “do you remember how bullish you all were in Nov. 2021 when #Bitcoin traded $69K? I do. How many still have your laser eyes? A year later Bitcoin traded below $16K, almost 80% lower.”
#HODLers, do you remember how bullish you all were in Nov. 2021 when #Bitcoin traded $69K? I do. How many still have your laser eyes? A year later Bitcoin traded below $16K, almost 80% lower. Given that most are even more bullish now, an even bigger crash likely lies ahead.— Peter Schiff (@PeterSchiff) March 19, 2024
He further warned that an even bigger crash could be imminent, given the current bullish sentiment among Bitcoin holders.
In the last 30 days alone, Bitcoin has shot up 24.7%, while since the year began the apex cryptocurrency has appreciated 53.34%. Last week, BTC touched an all-time high of $73,750.07. At the time of writing, it was trading over 12% lower from those highs.
See Also: Shiba Inu Burn Intensifies Amid Dramatic Market Downturn
Why It Matters: Schiff’s warning comes amidst a volatile period for Bitcoin. According to a recent technical analysis by Benzinga, Bitcoin saw a significant pullback. Despite this, cryptocurrencies have seen record weekly inflows of $3.4 billion as of March 15.
Schiff has previously expressed skepticism about Bitcoin’s value. He recently criticized the upcoming Bitcoin halving event, arguing that it would not cut the supply of Bitcoin in half.
However, he also admitted to regretting not investing in Bitcoin in its early days, despite his long-standing criticism of the cryptocurrency.
Photo Courtesy: Wikimedia Commons
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