Popular anti-crypto proponent Peter Schiff is once again making headlines following his latest prediction. The Euro Pacific Capital Inc. CEO recently claimed that he expects the future of the crypto-industry to be quite different from what it has been. He also notably added that he does not expect Bitcoin [BTC] to be part of cryptocurrency’s future.
“Crypto likely has a future, but Bitcoin will not be a part of it.”
The statement was part of a tweet, one wherein he talked about the state of the crypto-market following the latest crash. Schiff had predicted that Bitcoin was a bubble during last year’s rally and that it would eventually pop, triggering a price drop. Fast forward to present-day and it would seem that his prediction has come to fruition.
Schiff’s statement received a mixed bag of reactions. Some agreed with his point of view, especially after BTC’s price drop since last year. The opposing camp, however, was up in arms with criticism, with some going as far as mocking his beliefs about Bitcoin.
In fact, one correspondent stated that Schiff’s statements were about warning of the financial risk that would befall the middle class.
“He’s trying to help people protect their money and avoid scams. He’s not the only one with these opinions, by the way.”
Some users responded to Schiff by reminding him of Bitcoin’s strengths such as real scarcity and easy transferability. The Euro Pacific CEO released his controversial statement as Bitcoin bears extended their dominance. Bitcoin recently crashed below its 2017-highs, contrary to expectations that it would find support near the $19,000 price level.
Worth pointing out, however, that at press time, BTC was seeing some degree of stability.
Will Bitcoin prove Schiff right?
Bitcoin dropped as low as $17,960 on 19 June before bouncing back above $19,000 at press time. Some analysts suggest that Bitcoin may drop as low as $13,000. While this is a possibility, there are new signs that the current cycle is near the bottom. In fact, BTC’s pricing model reveals that its price is now trading below its realized price.
Bitcoin’s MVRV ratio also dropped below one during the latest crash. These metrics suggest that BTC is in an accumulation zone.
However, despite the ongoing price trajectory of the king coin, there is still potential for more extended downside. Especially as leveraged positions continue to yield more selling pressure.
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