Peter Schiff admits that Elon Musk played a huge role in pushing bitcoin to almost $70,000 in 2021. In 2020, when Bitcoin was trading around $10,000, Elon Musk posted a stupid tweet that highlighted a man’s inability to choose whether or not to invest in cheap cryptocurrency.
That’s the same image you used in Feb of 2020 regarding you dilemma with #Bitcoin. That helped send the price of Bitcoin from just under $10K to almost $70K. Kind of ironic that you would use it again, as Bitcoin is poised to crash back below $10K.
—Peter Schiff (@PeterSchiff) November 21, 2022
Peter Schiff revealed that he remains amused after seeing Elon Musk post the same image when bitcoin was at $10,000 and now when the top cryptocurrency is struggling to maintain support at $16,000. In the event of a breakout, the first cryptocurrency will plummet given the lack of technical support levels down to $12,220.
Peter Schiff is highly critical of bitcoin’s performance, unlike gold, BTC has struggled to sustain the positive momentum in the market and recently returned to the lowest price level in 2022.
Peter Schiff has once again asserted his position on Bitcoin on his official Twitter account, saying that the first cryptocurrency is doomed, given its lack of intrinsic value and real-world use. However, he believes that digital assets like Ethereum, which have their own ecosystem behind them, could prevail and make a place for themselves in the market.
The supply of #CryptoCurrencies is soaring as demand for #cryptos is collapsing. Over the past year the supply of cryptos grew by around 50% to almost 22,000. But during that same time period the combined market capitalization fell by about 73%. #Bitcoin mania is over. Buy #gold.
—Peter Schiff (@PeterSchiff) November 20, 2022
Prior to highlighting Elon Musk’s tweet, Peter Schiff was actively promoting gold’s most recent rally in the market. Unfortunately, after November 16, the precious metal entered a reversal phase, losing more than 2% of its value in the last few days. However, the technical outlook suggests that the rally is far from over, and gold could continue its upward move after a minor correction.