Famous gold proponent Peter Schiff is not a big fan of bitcoin and has predicted the top cryptocurrency’s doom on a number of occasions. Schiff’s last prediction came after the infamous Black Thursday crash in March this year when the bitcoin price crashed by more than 50% in a single day. Since then bitcoin has managed to climb as high as $19,800 during the ongoing bull cycle. Bitcoin proponents have been taunting Schiff throughout the bullish rally asking for his reaction and further predictions.
Despite the ongoing bull cycle is being carried by the influx of institutional investors, Schiff believes the upcoming proposed Anit-Money Laundering and KYC regulations could make Bitcoin too costly as a medium of exchange. Schiff said,
The stringent AML & KYC regulations anticipated for #Bitcoinwill not only make Bitcoin less desirable to own, but far more expensive to transact in. So, even if Bitcoin ever becomes stable enough to actually use as a medium of exchange, it would be the most expensive way to pay.
The stringent AML & KYC regulations anticipated for #Bitcoin will not only make Bitcoin less desirable to own, but far more expensive to transact in. So, even if Bitcoin ever becomes stable enough to actually use as a medium of exchange, it would be the most expensive way to pay.
— Peter Schiff (@PeterSchiff) November 27, 2020
Schiff’s Predictions Haven’t Aged Well
Peter Schiff is well-known for bad-mouthing bitcoin and among very few who have maintained that position despite the top cryptocurrency’s growing acceptance and adoption. Schiff’s prediction about bitcoin hasn’t aged well and in fact, he has become an active meme in the decentralized space. Bitcoin has seen its price grow by almost 5 folds since last Schiff predicted Bitcoin was going to zero.
Bitcoin community laughed off the warning flagged by Schiff and believed he is just giving ridiculous arguments now that bitcoin price has skyrocketed against his prediction.
Now that the price of #Bitcoin is exploding, Peter Schiff is really pushing it with new ridiculous arguments against BTC.
Give up already 😂
— The Moon 🌙 (@TheMoonCarl) November 27, 2020