On Wednesday (May 18), famous gold bug and cryptocurrency skeptic Peter Schiff expressed surprise at how well the Bitcoin price is holding up (despite all the various macro headwinds and the recent collapse of the Terra ecosystem).
Peter Schiff is the CEO of Euro Pacific Capital, a full-service, registered broker/dealer specializing in foreign markets and securities, and founder and Chairman of SchiffGold, a full-service, discount precious metals dealer.
On Wednesday, Schiff said on Twitter that he was surprised that Bitcoin was holding up “this well”, and warned crypto investors that it quite likely that “this is a bull trap” and that the Bitcoin price is headed quite a bit lower. Crypto influencer and Founder of investment firm Pomp Investments Anthony Pomplianao (aka “Pomp”) replied to Schiff, telling him that Bitcoin would “continue to surprise” Schiff since it is “incredibly important to the world right now.”
Bitcoin will continue to surprise you.— Pomp 🌪 (@APompliano) May 18, 2022
It is a new solution to an old problem, which happens to be incredibly important to the world right now.
Earlier that day, Schiff tweeted that the rapidly rising cost of non-discretionary goods, such as food and fuel, was likely to increase selling pressure on Bitcoin because it could force some Bitcoin HODLers to sell their $BTC holdings.
Rising #food and #gasoline prices will put more downward pressure on #Bitcoin prices. That's because grocers and gas stations won't trade their food or fuel for Bitcoin. So if Bitcoin #HODLers want to eat and drive soon they'll be forced to sell their precious sats to afford to!— Peter Schiff (@PeterSchiff) May 18, 2022
And on May 16, he said that technical analysis of the Bitcoin price suggests that the $BTC price could fall to as low as $8,000:
How can anyone who looks at this chart stay long #Bitcoin? Now that the upper support line has been broken, a move to the lower support line is a high probability. The chart has both double top and head and shoulders top patterns. The combination is ominous. It's a long way down! pic.twitter.com/GTNyUXFB63— Peter Schiff (@PeterSchiff) May 16, 2022
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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.