Peter Schiff admits he was wrong on bitcoin

• Peter Schiff is a well-known advocate for the precious metal gold and has for a long time now spoken out against the leading cryptocurrency. 

• But now, he has admitted and acknowledged that some of his harsh comments on bitcoin may have been uneducated...

Peter Schiff is a well-known advocate for the precious metal gold and has for a long time now spoken out against the leading cryptocurrency. But now, he has admitted and acknowledged that some of his harsh comments on bitcoin may have been uneducated...

Having an exchange on Twitter with the well-known bitcoin advocate, Tyler Winklevoss, the two discussed the rise in the price of bitcoin to a yearly high of over $12,000 on the 17th of August, as well as it’s drop to the $10,000 level that was seen last week. Even The co-founder of the Gemini exchange predicted the digital assets baseline for all future drops would be $10,000, the gold bug was not as optimistic...

Starting off, Schiff said:

“The more the 10K support level is tested, the weaker it gets. Markets rarely give investors that many chances to buy the bottom.”

You can see his full comment below:

I was right on #gold, but wrong on #Bitcoin. The latter did managed to get through resistance and rally up to $12K, thanks in large part to a ride on gold's coattails and a massive TV advertising buy by Grayscale. By falling back to $10K Bitcoin quickly returned to a bear market.

— Peter Schiff (@PeterSchiff) September 6, 2020

This is very interesting coming from such a personality like Peter. For the past few years now, he has been well known to take every opportunity to mock the leading cryptocurrency so for him to say such things so publicly, is an interesting development not just for the industry but for Schiff himself.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!