Peter Schiff, a critic of Bitcoin, still seems to believe that the most popular cryptocurrency will eventually reach zero. A user had taken a dig at Schiff, recalling his Bitcoin debate in 2017. The user remembers Schiff telling everyone that Bitcoin, which was then valued at $5,000, was headed to zero.
Its still going to zero. Just traveling a long road.— Peter Schiff (@PeterSchiff) March 26, 2023
The user added that he was glad to have bought Bitcoin. Schiff replied, "It's still going to zero. Just traveling a long road."
It bears mentioning that Schiff has long criticized Bitcoin and has repeatedly predicted its collapse.
On the contrary, Bitcoin has shown itself to be a strong asset, surviving numerous downturns and negative events. Despite Bitcoin's consistently strong depiction, Schiff has not changed his stance regarding it.
Bitcoin up 47% after Schiff said to sell
As reported earlier, Schiff asked Bitcoin holders to sell their assets in light of the concerns brought on by the bank failures heralded by the Silicon Valley Bank (SVB) collapse.
Now, Bitcoin (BTC) is higher, up nearly 47% from the lows of $19,791 reached when Schiff urged Bitcoin holders to sell their assets.
In the past week, Bitcoin racked up a stellar run, climbing to highs of $28,937 on March 22 despite a slew of enforcement actions against cryptocurrency companies announced by the U.S. Securities and Exchange Commission.
Bitcoin has gained 69% year-to-date, and at the time of writing, it was marginally up to $27,858.
According to Glassnode, the Bitcoin binary CDD, a valuable metric for identifying elevated periods of Coin Day Destruction, reveals where Bitcoin currently stands in its cycle.
Glassnode suggests that the market remains firmly within a quiet patch, typical of bearish markets, early bulls and the transitional period in between.