In a recent interview with Kitco, Europe Pacific Capital CEO Peter Schiff made it clear that he hasn’t changed his stance on Bitcoin. The gold bug kept lambasting the leading cryptocurrency and its holders.
“Half of nothing”
When Kitco’s Daniela Cambone mentioned the upcoming halving of Bitcoin, Schiff didn’t show an ounce of excitement. He claimed that half of nothing was still nothing, meaning that Bitcoin’s miner reward reduction (from 12.5 BTC to 6.25 BTC) would not change anything.
Schiff reiterated that he didn’t hate the leading cryptocurrency since it was just an “abstraction” or “fool’s gold.” Moreover, he believes that Bitcoin will not see another speculative rally, and its price will continue to fall.
“I just think that we are in a bear market. Bitcoin topped out about two years ago (in fact, a little over two years ago). So the price of Bitcoin has been falling for the past two years, and I expect that to continue.”
Institutions do not want it
Schiff also addressed the pervasive narrative about institutional investors fueling Bitcoin’s next rally. He doesn’t think that institutional money is coming into the crypto space anytime soon.
“They’ve been talking about this for years. I don’t think that’s going to happen.”
The naysayer says that pension funds, endowments are unlikely to use their clients’ funds to gamble on Bitcoin.
Schiff further criticized Bitcoin as a fraud that young people tend to fall for. He suggests that a lot of smart guys who buy Bitcoin were not smart about their investment.
According to Schiff, financial commentator Max Keiser, who earlier shredded the gold proponent for his criticism of Bitcoin, should consider selling his stack before it’s too late. Keiser would promote Bitcoin on his show as early as in 2011.
“If you did get in early, get out,” Schiff warned stubbron holders.
As reported by U.Today, Keiser opined that Bitcoin was struggling to find new buyers “to keep Ponzi going.”