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Peter Schiff, a vocal critic of the top cryptocurrency, has weighed in on Bitcoin (CRYPTO: BTC) reaching the $100,000 mark.
Known for his skepticism towards Bitcoin, Schiff remarked about the cryptocurrency's current valuation. In a post on X, Schiff described Bitcoin’s price hitting $100,000 as an extraordinary chance that may not repeat in our lifetimes.
"If you own Bitcoin, hurry and sell it now, while the price is still above $100K," Schiff said.
He emphasized the importance of taking advantage of this moment, suggesting that the opportunity to cash out while BTC prices are still above $100,000 might be short-lived. He implied that Bitcoin prices are likely to fall further.
Bitcoin's prices have continued to fall, declining by nearly 8% over the last seven days. It is now down more than 19% from its all-time high of $126,198. Bitcoin's market capitalization is currently a shade above $2 trillion.
Schiff's comments come as he remains skeptical about Bitcoin’s long-term viability. His advice to sell at this price point reflects his belief that the current valuation is unsustainable.
Schiff’s recent comments on Bitcoin align with his longstanding views on the cryptocurrency’s volatility. In a recent interview, Schiff projected a potential price collapse for Bitcoin if existing holders decide to sell, highlighting the importance of supply dynamics.
He noted that Bitcoin’s supply growth isn’t limited to mining, but also depends on the willingness of current holders to sell.
Furthermore, Schiff has been vocal about broader economic concerns, such as a potential dollar crisis and rising gold prices, which he attributes to systemic weaknesses and excessive money printing. These views underscore his skepticism towards cryptocurrencies as a stable investment.
Schiff has also argued that inflation is far from over and could run hotter under different administrations. He pushed back against President Donald Trump for claiming victory over inflation, even as price pressures continue to persist in the broader economy.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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