Famous economist Peter Schiff, also known as the “Gold Bug,” expressed that there is a major shift in Bitcoin and that the price could drop even further.
Gold enthusiast Peter Schiff, who has repeatedly described Bitcoin as a “bubble,” said on Twitter that the price of BTC will fall even further.
In his post, the economist mentioned that in the past week, gold saw a 4% increase, silver rose by 10%, VanEck’s gold miners index had a7% increase, but Bitcoin ETFs suffered a 5% drop and the shares of the largest institutional Bitcoin whale, MicroStrategy, fell by16%.
Stating that this represents a major shift, the analyst indicated that he expects the rise in gold and the decline in Bitcoin to continue accelerating. Schiff emphasized that he had warned everyone about this.
In a statement last month, Peter Schiff mentioned that he has been aware of Bitcoin since 2010, and regretted not investing when it was trading at a few dollars.
