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Renowned economist and financial commentator Peter Schiff has once again issued a warning about Bitcoin's price action, claiming that the cryptocurrency bubble is on the verge of bursting.
Schiff, a longtime critic of Bitcoin, has constantly claimed that it has no intrinsic value and is a speculative asset doomed to fail. In response to a recent tweet, Schiff stated that Bitcoin's recent price movements might be indicative of an impending crash.
All sarcasm aside, it's hard to tell if this time the bubble finally has popped. The one thing that's for sure is that it is, in fact, a bubble. Since all bubbles ultimately pop, it's inevitable that the Bitcoin bubble will pop too.
— Peter Schiff (@PeterSchiff) July 9, 2024
"All sarcasm aside, it's hard to tell if this time the bubble finally has popped. The one thing that's for sure is that it is, in fact, a bubble. Since all bubbles ultimately pop, it's inevitable that the Bitcoin bubble will pop too," Schiff wrote.
Schiff's warning comes at a time when the cryptocurrency market is experiencing volatility. Recent weeks have seen significant price fluctuations, with Bitcoin reaching lows last seen since February.
His latest claim about an impending Bitcoin bubble burst adds to his long history of skepticism toward the cryptocurrency. Despite Schiff's warnings, many in the cryptocurrency community remain bullish on Bitcoin's future.
Bitcoin price action
Bitcoin fell to a low of $54,278 on Monday, or $19,000 below March's record high. At the time of writing, BTC was rebounding on expectations of increased inflows into the cryptocurrency market.
Digital asset investment products saw positive inflows for the first time in a month, as cryptocurrency prices fell to their lowest levels in months. Bitcoin digital funds led the pack with nearly $400 million in inflows, reversing a three-week period in which products for the world's largest cryptocurrency lost more than $1.2 billion.
At the time of writing, BTC was up 1.79% in the last 24 hours to $57,705.