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Economist and gold bug Peter Schiff has warned that the current bitcoin price surge looks like “another classic pump-and-dump.” Noting the significant excitement around the new spot bitcoin exchange-traded funds (ETFs), he expressed his skepticism, stating: “I wonder when the massacre will begin.”
Peter Schiff on Bitcoin ‘Pump and Dump’
The price of bitcoin soared above $50,000 on Monday. While many are bullish about the price rising further as the Bitcoin halving approaches, economist and gold bug Peter Schiff remains skeptical. He shared on social media platform X:
It looks like another classic pump-and-dump is going on with bitcoin … There’s a lot of hype surrounding the newly listed bitcoin ETFs. I wonder when the massacre will begin.
Many people responded to Schiff, reminding him of his past inaccurate predictions about bitcoin’s price. They also highlighted his continued advice against buying bitcoin, pointing out the significantly lower prices in the past, and emphasizing the missed opportunities associated with following his recommendations.
In November 2018, Schiff tweeted: “Don’t make the mistake of thinking that buying bitcoin below $3,800 is a bargain just because the current price is better than 80% below its record high. Bitcoin’s price could easily drop another 80% from here, and at $750 it would still be expensive!”
In January, after the launch of spot bitcoin exchange-traded funds (ETFs) and a subsequent price dip, Schiff declared all such ETFs to be in bear markets and warned of deeper losses. He anticipated speculator sell-offs and minimal institutional demand, further predicting a “bitcoin bloodbath” fueled by potential “onerous crypto regulations” under U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler.
Reacting to Schiff’s “classic pump-and-dump” claim about BTC, veteran trader Peter Brandt replied to the gold bug on X:
I actually believe that some year you will be right on some market. My guess is that it will not be bitcoin.
What do you think about Peter Schiff calling the recent bitcoin price surge a “classic pump-and-dump”? Let us know in the comments section below.