Bitcoin Cryptocurrency: Peter Schiff’s Wrong Prediction

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According to Peter Schiff, the near collapse of Bitcoin (BTC) is something that is inevitable. However, it is important to remember that the entrepreneur has been characterized as a betrayer of the Criptomoneda. Therefore, look for any opportunity to talk about a supposed end of BTC. In this opportunity Schiff, CEO of Euro Pacific Capital, believes that Bitcoin will follow the path of action as marijuana.

Image Source: static.independent.co.uk

He believes that the rally in these shares to the beginning of the year was driven by speculators, who were also buying Cryptocurrencies. However, both assets eventually fall. And this fall is already starting. In the past six months, the price of marijuana in the United States has fallen considerably indicating that its value on the stock exchange also. This has led to Peter Schiff to believe that Bitcoin will face a similar fate as the speculators try to reduce losses by selling Cryptocurrencies, the higher the probability that the asset to collapse and lose its value. However, there are several reasons why the community cryptographic criticizes this kind of argument on the part of Schiff.

Image Source: cointimes.com.br

The main problem with the postulate of Schiff is that there is a real correlation between the actions of the marijuana and Bitcoin. In reality, both cases are completely different. In fact, there is research that shows that the management of BTC is not dependent on the stock market. Which is not the case with marijuana? Therefore, it makes no sense to try to force a relationship between the two, or between Bitcoin and the stock market, because it does not exist. Another of the reasons that it discredits what has been stated by the CEO of Euro Pacific Capital is the assumption that all who invest in Cryptocurrencies are speculators. This would not make sense if it is considered that the volatility of Bitcoin has decreased to 2% daily, depending on BitMex. These figures should encourage institutional investors to bet on the cryptocurrencies, something that is already happening.

Source: Currency Market


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