With Bitcoin now down 6%, where does Schiff’s halving prediction stand?
Peter Schiff, a prominent gold investor known for his vocal skepticism of Bitcoin [BTC], recently addressed rumors circulating in cryptocurrency circles suggesting a shift in his stance on the digital currency.
Schiff clarified that his acknowledgment of regret for not investing in Bitcoin back in 2010 does not signal any change in his overall perspective on cryptocurrencies. He noted,
“Bitcoin related publications are falsely claiming that I’ve changed my position on Bitcoin because I admitted I wished I had bought some back in 2010. I think everyone wished they bought Bitcoin in 2010”.
He further added,
“Even those who did wish they bought more. If I had bought then I’d sell now.”
Schiff’s take on cryptocurrency ETFs
Peter Schiff also addressed the performance of cryptocurrency ETFs, especially the Valkyrie Bitcoin Miners ETF, and noted,
“Not all crypto ETFs are in bull markets. The Valkyrie Bitcoin Miners ETF is down 35% since its Dec. 2023 high.”
Schiff further raised questions about the optimistic outlook for Bitcoin amidst challenges faced by companies involved in mining the cryptocurrency. He argued,
“If the future is so bright for Bitcoin, why is the future looking so dim for companies that mine it?”
Moreover, Schiff pointed out the fragility of the ETF market, warning latecomers of dire consequences in the next crypto winter.
“This is yet another graveyard Bitcoin bulls are whistling past.”
Schiff’s perspective on Bitcoin halving
Schiff shared his skepticism regarding the much-anticipated Bitcoin halving event.
“The supply of Bitcoin will not be cut in half by the Halving. Over ninety percent of the Bitcoin supply already exists.”
He argued that the halving merely adjusts the growth rate of the new Bitcoin supply, rather than affecting the existing supply.
In conclusion, Schiff’s skepticism towards the Bitcoin halving event reflects his doubts about its potential to boost Bitcoin’s price, given that a significant portion of the total supply is already in circulation.
Overall, this perspective offers a contrasting viewpoint to the widespread anticipation of the event’s bullish impact on the king coin’s market value.
