The economically uncertain situation is also having an impact on cryptocurrencies. The price of Bitcoin plummeted overnight from August 4th to August 5th. From around 58,000 USD to around 49,500 USD. The price has now recovered somewhat to 48,200 euros (as of August 5th, 11 a.m.) – but will it stay that way? BTC critic Peter Schiff warns of a drastic collapse.
After Bitcoin price crash: Peter Schiff warns again about BTC
How safe is BTC really? After the price of Bitcoin plummeted from August 4th to 5th, with a loss of around 10,000 euros, Peter Schiff repeated on the social media platform X (formerly Twitter) that he had warned everyone about BTC.
In response to a user’s sarcastic comment, “Thanks Peter, see you at 100K,” Schiff replied that the person could cross out a zero.
Thanks Peter
See you at 100K 👍🏻
— RŌNIN (@ronin21btc) August 4, 2024
But is Bitcoin really doing so badly that it could fall back to 10,000 USD or less? The fact is: This would not be the first collapse that the crypto giant has mastered. Strong price corrections were noted both four and two years ago. In 2020, at the beginning of the Corona crisis, BTC plummeted to around 4,000 euros, and in 2022, partly due to the Ukraine war, to around 15,000 euros. Nevertheless, on the whole, constant growth can be seen.
Already 11 years ago, Schiff criticized Bitcoin & Co.
Peter Schiff has been one of the biggest critics of BTC for years. He was already critical in 2013, when BTC was at 1,000 USD, as a repost by user Dan Held shows. Peter Schiff wrote at the time: “You’re thinking about buying Bitcoin instead of precious metals? Think again!”
Based on the comments on my posts, #Bitcoin #HODlers are in denial. You guys are whistling past a #crypto graveyard. Don't say I didn't warn you.
— Peter Schiff (@PeterSchiff) August 4, 2024
In retrospect, BTC would have been the better choice. This is most likely also the view of prominent people in the sector such as Michael Saylor, the founder of Microstrategy, who holds more than 226,000 BTC ( source: Saylortracker, as of August 2024), and Robert Kiyosaki, who sees the crash as a good opportunity.
Just in July, Saylor shocked everyone at the BTC2024 crypto conference with his prediction that BTC could reach a high of 13 million US dollars by 2045. Peter Schiff, on the other hand, expects the BTC price to be 0 in the long term.
