Bitcoin Unlikely to Ever Trade at $25,000, Peter Schiff Implies

Bitcoin Unlikely to Ever Trade at $25,000, Peter Schiff Implies

  • Gold bug Peter Schiff has implied that bitcoin is unlikely to ever reach $25k.
  • Schiff claimed no price point would ever cause him to "panic-buy" BTC. 

Gold bug and crypto critic Peter Schiff implied that bitcoin will never reach $25,000 while also saying no price point would cause him to “panic-buy.”

According to a tweet made June 26, Schiff believes the price of bitcoin will never reach $25,000. The gold pundit’s comments came in response to a poll published by asking community members to predict the price that would cause Schiff to “panic-buy” bitcoin. 

Schiff responded that no price could induce him to purchase bitcoin, and refuted the plausibility of BTC ever trading at or above $25,000. 

This poll is a fraud, as none of the choices are correct. There is no price high enough that would cause me to panic-buy #Bitcoin. Also, it's unlikely that Bitcoin will ever actually trade at any of the price points in the poll.— Peter Schiff (@PeterSchiff) June 26, 2020

In a subsequent tweet, Schiff created his own poll poking fun at his crypto-supporting debate partner, Max Keiser. According to the poll, which generated more than twelve thousand votes, community members predicted Keiser would ride BTC’s price down to zero before selling off. 

How low would the price of #Bitcoin have to fall for @maxkeiser to throw in the towel and sell?— Peter Schiff (@PeterSchiff) June 27, 2020

Schiff also published a series of tweets highlighting the lack of impact on bitcoin’s price by institutional investor Grayscale. Schiff claimed that despite Grayscale buying “more than 100%” of all bitcoin since May’s halving event, the price for BTC has continued to fall, indicating a selloff by whale investors. 

Despite Grayscale Investment Trust buying more than 100% of all the Bitcoin "mined" since the halving, the price of #Bitcoin fell. This likely indicates Bitcoin whales unloading their coins onto GBTC speculators. Distribution from strong to weak hands is very bearish for price.— Peter Schiff (@PeterSchiff) June 26, 2020

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