Bitcoin Critic Peter Schiff Believes BTC Still Headed to Zero: Details

Peter Schiff is a critic of Bitcoin and still believes that the most widely used cryptocurrency will eventually reach zero. One user took a dig at Schiff and recalled his 2017 Bitcoin debate. One user recalled Schiff telling everyone that Bitcoin was heading to zero, when it was valued at $5,000.

It’s still going down to zero. It’s just a long journey.

Peter Schiff (@PeterSchiff). March 26, 2023

He also stated that he was happy to have purchased Bitcoin. Schiff responded, “It’s still going down to zero.” It’s just a long journey.

It is worth noting that Schiff has been critical of Bitcoin for years and repeatedly predicted its fall.

Bitcoin, on the other hand, has proven itself to be a strong asset and has survived many downturns. Schiff still believes in Bitcoin despite its strong portrayal.

After Schiff’s statement, Bitcoin is up 47%

reported that Schiff requested Bitcoin holders to sell their assets due to the fears engendered by the collapse of Silicon Valley Bank (SVB).

Bitcoin (BTC), which is now up almost 47%, is much higher than the $19,791 lows reached in Schiff’s call for Bitcoin holders to sell their assets.

Despite a slew a enforcement actions by the U.S. Securities and Exchange Commission against cryptocurrency companies, Bitcoin has enjoyed a remarkable run in the last week. It reached $28,937 on March 22, and that was despite a string of enforcement actions.

Bitcoin has gained 69% over the past year, and was up marginally to $27,858 at the time this article was written.

Glassnode’s Bitcoin binary CDD is a useful metric to identify elevated periods of Coin Day Destruction. It shows where Bitcoin stands at the moment in its cycle.

Glassnode believes that the market is still in a calm period, which is typical for early bulls, bearish markets and transitional periods.