Bitcoin Skeptic Peter Schiff Says that Bitcoin Will Plummet Sooner or Later

The Bitcoin skeptic Peter Schiff started to talk about the the famous virtual currency and how it can reach $1,000 dollars or less in the near future. Schiff talked about that during his appearance on The Joe Rogan Experience podcast.

The Joe Rogan Experience (JRE) keeps inviting the crypto skeptic Peter Schiff. And people likes to hear what he has to say about the cryptocurrency market and Bitcoin. His conversation in 2014 has a quarter million views, the one in 2017 has over 1.1 million views, and the last one in 2018 it is nearing 700k views.

Mr. Schiff explained that Bitcoin is digital gold, and that makes it important. But it lacks a physical concept, everything is mathematics, and this means that it cannot have real utility in the world.

Then, he made a reference to a contest related to Bitcoin where he debated with Shapeshift CEO Erik Voorhees. He said that he lost the debate, ‘but I think it was rigged.’ He said that he lost because there was a very large Bitcoin audience that made the things more difficult for him.

But this is no everything what he said about the market and virtual currencies. He explained that Bitcoin is a bubble and that a lot of people are destined to be hurt in a financial way. At the same time, he explained that Bitcoin was going to die once more. Additionally, he said that Bitcoin will keep falling and it will go down to $1,000 dollars or lower, which according to him “that’s going to create a lot of problems.”

At the moment of writing this article, Bitcoin is the most important virtual currency in the market and is being traded under $7,500 dollars. It also has a market capitalization of $128 billion dollars. Contrary to what Mr.Schiff said, Bitcoin is reaching an important dominance in the market 45.2%.

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