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In 2018, economist and famous Bitcoin critic Peter Schiff shared a blunt warning on X (formerly Twitter), stating that even if Bitcoin’s price fell to $750, it would still be expensive. At the time, Bitcoin was trading around $3,800, and Schiff, known for his support of gold as an investment, advised against viewing the price drop as an opportunity to buy on “the dip.” Did Schiff Underestimate the Power of Bitcoin?
Don’t make the mistake of thinking that buying #Bitcoin below $3,800 is a bargain just because the current price is better than 80% below its record high. Bitcoin’s price could easily drop another 80% from here, and at $750 it would still be expensive!
— Peter Schiff (@PeterSchiff) November 25, 2018
Schiff has been a known skeptic of Bitcoin, considering its value highly speculative and without solid fundamentals, compared to assets like gold.
His message warned that Bitcoin’s 80% drop from its all-time high at the time did not mean it was a good time to buy. In fact, he predicted that Bitcoin could plummet another 80% to $750, maintaining his view that even at those levels, it would still be “expensive.”
A look at the price of Bitcoin after 2018
While Schiff’s prediction caught the attention of many at the time, the market reality was very different. Since 2018, Bitcoin has experienced significant volatility, but it has also reached new all-time highs, surpassing $70,000 in subsequent years. Investors who ignored Schiff’s warning and bought Bitcoin below $3,800 enjoyed huge returns.
This disparity between what Schiff predicted and what ultimately happened is not unusual in the crypto world, where price fluctuations are determined by a combination of technical, economic and emotional factors. What looked like a buying opportunity to some, Schiff saw as a bubble about to burst.
Bitcoin price evolution throughout its history. Source: CoinMarketCap
Is Schiff’s position still valid today?
Despite the monumental gains Bitcoin has generated since that publication in 2018, Schiff has not changed his stance on the Cryptocurrency. He continues to insist that the asset is a speculative bubble with no intrinsic value, destined to eventually collapse. Meanwhile, Bitcoin has continued to gain traction, attracting more institutional investors and taking on broader roles in the global economy, as a store of value and a medium of exchange.
The question that arises is: Can Bitcoin Survive Constant Warnings From Skeptics Like Schiff? The future remains uncertain, but one thing is clear: Bitcoin has exceeded the forecasts of many critics and has consolidated its position in the financial landscape.
Reflection
Schiff’s 2018 post is a reminder that skepticism has always accompanied the crypto world. However, predictions in this space are not always infallible. Bitcoin has shown impressive resilience, although volatility remains its trademark.
Is Bitcoin expensive today? It will depend on the horizon of each investor and how each one sees the future of technology and the financial system.
So before making any decision, it is vital to evaluate different perspectives, but also to be open to the unexpected. Because if the crypto space has shown anything, it is that nothing is set in stone.
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