Euro Pacific Capital CEO Peter Schiff has taken yet another dig at Bitcoin on Tuesday, pinching media house CNBC of not covering the BTC crash enough. He accused that if Bitcoin had been soaring instead of crashing, CNBC would have given it a non-stop coverage.
CNBC has not even mentioned #Bitcoin today. @CNBC spent months pumping Bitcoin as digital gold, a store of value that would outshine #gold as a safe haven during times of market turbulence. If Bitcoin was soaring today instead of crashing, the coverage would have been non-stop.
— Peter Schiff (@PeterSchiff) March 9, 2020
Schiff is one of the fiercest critics of cryptocurrencies at large and Bitcoin in general. Taking his criticism forward, he argued that Bitcoin is no longer a non-correlated asset, and will now respond in line with other risk-prone assets like equities and bonds. However, he further added that Bitcoin may go down parallelly with other risk assets, but its rise will be much slower as compared to others. In a tweet on Monday, he had said,
“With the #Bitcoin halving just two months away and global financial markets in turmoil, the news couldn’t be more bullish for Bitcoin. Yet the price action couldn’t be more bearish. Looks like it’s Bitcoin’s price that will be halved! Not exactly the halving hodlers expected.”
After reeling just under the $10,000 mark for weeks, Bitcoin has seen a sharp fall in the past few days. After being priced at around $8,500 on March 01, BTC is now dropped to less than $7,850 this morning, and the downfall doesn’t seem to be stopping anytime soon. Moreover, a global slowdown, in general, validates Schiff’s argument that Bitcoin is no longer a non-correlated asset, which isn’t all that bad. In fact, it is a great sign in many ways, as the accusation that BTC alone is volatile will go down and dusted.
That said, it should be noted that the Euro Pacific boss has been bearish about Bitcoin for a very long time. After falling from $20,000 in December 2017 to below $3,500 in January 2019, Bitcoin has recovered remarkably and has shown signs of maturity and stability in the recent past. Therefore, stating that Bitcoin won’t come up as quickly or as high as other “corelated” risk assets is not entirely correct.
Nonetheless, Bitcoin is still volatile to a certain extent, and the future can turn the tables on either side. While major stakeholders in the industry continue to remain bullish for Bitcoin, old promoters like John McAfee have pulled back, and the computer scientist is now one of the critics himself.