Prominent Bitcoin critic notes interesting fact
Peter Schiff admits that Elon Musk had a huge role in bitcoin reaching nearly $70,000 in 2021. Back in 2020, when BTC was trading around $10,000, Elon Musk posted a silly tweet that exposed one man’s inability to decide whether to invest cheaply or not. Cryptocurrency or not.
Schiff revealed that he remains amused after seeing Musk posting the same picture when Bitcoin was at $10,000 and now, when the first cryptocurrency is deliberately fighting for the local support level at $16,000. In case of a breakdown, the first cryptocurrency will enter a freefall, considering the lack of technical support levels until $12,220.
Traditionally, Schiff has actively satirized the most recent price performance of bitcoin on the market. Unlike gold, BTC is struggling to maintain positive momentum in the market and has recently returned to the lowest price levels of 2022.
Schiff has once again asserted his position about BTC on his official Twitter account, saying that the first cryptocurrency is doomed to fail, considering its lack of intrinsic value and real-world usage. However, the crypto and Bitcoin critic believes that digital assets like Ethereum that have their own ecosystem behind them might prevail and earn themselves a place on the market.
Prior to highlighting Elon Musk’s tweet, Schiff was actively promoting the most recent gold rally in the market. Unfortunately, after November 16, the precious metal reversed course, losing more than 2% in value over the past few days. However, the technical perspective suggests that the rally is far from over, and gold may continue to rise after a minor correction.
