As the cryptocurrency sector starts another day with the majority of its assets in the red, American economist and gold bug Peter Schiff has taken it as a sign that Bitcoin (BTC) is going down the drain, voicing a particularly dire warning for owners of spot BTC exchange-traded funds (ETFs).
Specifically, Schiff has observed the current price action of the flagship decentralized finance (DeFi) asset, asserting “it’s not looking good” and telling ‘HODLers’ to better hope that Bitcoin can hold $60,000 or “it’s a long way down,” according to his X post on April 25.
Bitcoin price action analysis. Source: Peter Schiff
At the same time, he argued that the drop might not be a major shock for investors who have been in the field for a long time, but that spot Bitcoin ETF owners or “newbies,” as he called them, would face an unpleasant surprise. As he pointed out:
Bitcoin price 7-day chart. Source: Finbold
In conclusion, Schiff might be right about some things, but his critics often highlight that he has been bearish on Bitcoin ever since the crypto asset was trading in four digits, so one should take his analyses with a grain of salt and instead do due diligence and research individually before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
