Wednesday, August 4

Bitcoin Enemy Peter Schiff: BTC Had Its Worst Month Since 2011

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Prominent Bitcoin foe Peter Schiff expects a new crypto winter to come soon.

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Euro Pacific Capital CEO, major gold investor Peter Schiff took to Twitter to talk about Bitcoin’s fall and gold’s rise in May. Schiff cited the bearish trend. In Schiff’s view, BTC could continue its current decline.

Peter Schiff proudly tweeted that gold managed to close above the $1900 level in May, thus increasing 7.5 percent. As for Bitcoin, he wrote that this was the worst month in a decade for BTC:

“Gold rose 7.5% in May and closed above $1900. Meanwhile, #Bitcoin just had its worst month since 2011. It failed to exceed $40K with $42K acting as strong resistance. It’s back to support of $ 30k and if it fails, $ 20k is the next target.

Bitcoin was trading above the $34,000 support (at $35,075) at the time of writing. Also, as previously reported, Scott Minerd, CIO of the Guggenheim Partners fund, warned that investors should be prepared for a volatile weekend for BTC.

Prominent Bitcoin bull Anthony Pompliano responded to Schiff with some bullish statistics for BTC, saying that last year Bitcoin was up 269 percent and gold was only up ten percent. Schiff said that the Bitcoin run could end:

“But how do you know the era of #Bitcoin isn’t over? Bitcoin could easily end 2021 with losses and enter a longer and colder winter than it did in 2018.”

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