Famous economist Peter Schiff, also known as the “Gold Bug,” expressed that there is a major change in Bitcoin and the price could drop further.
The gold enthusiast Peter Schiff, who has repeatedly described Bitcoin as a “bubble,” said on Twitter that the BTC price will drop even further.
In his post, the economist stated that while last week saw a 4% increase in gold, a 10% increase in silver, and a 7% increase in VanEck’s gold miners index, the Bitcoin ETFs decreased by 5% and the shares of the largest institutional Bitcoin whale, MicroStrategy, dropped by 16%.
Stressing that this represents a major shift, the analyst stated that he expects the rise of gold and the acceleration of the drop in Bitcoin to continue. Schiff emphasized that he warned everyone about this.
Peter Schiff had previously stated in an interview last month that he has been aware of Bitcoin since 2010 and regretted not investing when it was trading for just a few dollars.
