Peter Schiff Warns of Bitcoin 'Pump and Dump' — Expects to See a 'Massacre'

[sirty143]

Peter Schiff Warns of Bitcoin 'Pump and Dump' — Expects to See a 'Massacre'

Economist and gold bug Peter Schiff has warned that the current bitcoin price surge looks like “another classic pump-and-dump.” Noting the significant excitement around the new spot bitcoin exchange-traded funds... See more for yourself here.

Your opinion is greatly appreciated.

[philipma1957]

Peter has his own agenda. Do I think this is a pump and dump?

Sure why not?

I think we get to 60-65k and then tank bigly.

I think miners will be crushed beyond their own belief. I in fact have a nice ladder up selling as we rise.

Once the dump happens down to 35k maybe less I will swope in and grab some corn 🌽 on the cheap.

[pawel7777]

In other news, the water is wet.
Peter established himself as a die-hard anti-bitcoiner + he sells gold and sees Bitcoin as a threat, so clearly has an agenda. There's no way he'll ever say anything positive about it.
Overall, I like the guy but I don't take him seriously when it comes to crypto since he publicly said, in one of the interviews years ago, that Bitcoin will never go to $400 again.

I think we get to 60-65k and then tank bigly.

Do you see the $65k as the top of the cycle or do you expect a further rally after a correction?

[yhiaali3]

This is just meaningless speculation. Peter Schiff has never succeeded in his predictions about Bitcoin before and he will not succeed this time.

All expectations Contrary to Peter Schiff's expectations, everyone is optimistic about ETFs and their positive impact on the market in the long term, and also with the approach of halving, everyone expects Bitcoin to rise to unprecedented numbers.

As for his expectation:

further predicting a “bitcoin bloodbath” fueled by potential “onerous crypto regulations” under U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler.

I think that this fear is greatly exaggerated, because Gary Gensler will not be able to do more than what he did, and his bad influence on Bitcoin has lost its effect and has expired.

[Don Pedro Dinero]

Well, this is another case of a rich guy who didn't need bitcoin to get rich, as he currently has a net worth of approximately 100 million dollars.

But if instead of making such a fool of himself, he had started buying bitcoin eleven years ago, he would be a billionaire today instead of having 100 million. Let's look at a news item from 2013:

Bitcoin is tulip mania 2.0—not gold 2.0: Schiff

Given his insistence on endlessly making a fool of himself for the last 11 years, I don't think there is much more to comment on.