Peter Schiff Predicts Bitcoin Will Fall to $8,000

According to Peter Schiff, who constantly criticizes the cryptocurrency and calls it a bubble, only gold can be called a hedging instrument.

Bitcoin is a speculative asset, and the vast majority of investors always suffer losses if they decide to invest some of their capital in it. This week, Peter Schiff has predicted a Bitcoin collapse to $8,000.

He has made this statement when the cryptocurrency was still trading above $30,000.

As his main argument, he has pointed to the escalating volatility last week, which has caused BTC to fall to $26,700.

Schiff has analyzed the cryptocurrency’s current position and has concluded it should not count on support in the current cycle. Most likely, we are waiting for a strong pullback, and Bitcoin will find the bottom only around 8,000.