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Sandeep Kumar Mishra
Jan 25, 2023
by Sandeep Kumar Mishra

Peter Schiff Softens His Stance on the Possibility of Bitcoin Hitting $100,000

Peter Schiff Bitcoin

Table of contents

  1. Peter Schiff's Comments Refer to His Previous "Incorrect" Suggestions
  2. Peter Schiff: A Long-Time Bitcoin Critic
Renowned economist and equally well-known cryptocurrency critic Peter Schiff seems to have softened his stance on the possibility of Bitcoin reaching the $100,000 mark. In response to a tweet on his poor predictions for Bitcoin, Schiff said that it was "unlikely" that Bitcoin would ever go past the $ 100,000 mark. It is worth noting that prior to this, Schiff has always that it was impossible for Bitcoin to ever attain that position.

Peter Schiff's Comments Refer to His Previous "Incorrect" Suggestions

Schiff's comment refers to the events of recent weeks when after his extremely bearish forecasts and calls to sell Bitcoin, it rose 37.2% in value. However, readers reminded the economist that he said the same thing in late 2018 when BTC was trading at less than $4,000 per coin.

He stated that what could be worse than giving the advice to sell BTC ahead of its 30% rally would only be to participate in that very rally and then crash to levels even lower.

Peter Schiff: A Long-Time Bitcoin Critic

Schiff's critical views on Bitcoin have been known to everyone for a long time. Previously he has compared Bitcoin to a pyramid scheme and has called it "irrelevant".

It is likely that Schiff has not fundamentally changed his position, but his view of the strength of the market and its participants has certainly wavered. However while Schiff remains a Bitcoin critic, it in turn continues to test the resistance at the $23,100 level. Crypto enthusiasts are watching the price action in the area closely, divided into two camps, with some expecting a correction and others a breakout and entry into a new price range.

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Peter Schiff Softens His Stance on the Possibility of Bitcoin Hitting $100,000
Sandeep Kumar Mishra
Sandeep is an avid cryptocurrency enthusiast and a keen & passionate blogger. He has a strong mix of skills in the areas of computer networking, cryptography, algorithms, and data structures and specializes in ERC20 tokens. Lately, he is taking a lot of interest in blockchain-powered AI solutions, about which he is also reading and writing extensively. He has to his name dozens of deeply researched articles about cryptocurrencies, blockchain, AI, and IoT. Apart from that, he loves to keep track of the latest trends in social media and digital marketing space. Also, as a huge proponent of blockchain and cryptocurrencies, Sandeep tries to deliver all the latest cryptocurrency news to ardent crypto supporters like yourselves. If you like his content, feel free to follow him on LinkedIn.

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