Bitcoin Plummets Below $14,000; Peter Schiff Says ‘Mark It Zero’

Friday, December 22, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Dec 21, 2017

Since CME launched its futures contract, Bitcoin has been under pressure and renowned market watcher Peter Schiff is pretty clear where he thinks this ends up…

As CoinTelegraph reports, speaking to RT this week, renowned analyst Peter Schiff, credited for predicting the 2008 housing market collapse, issued a foreboding warning to investors buying Bitcoin at current prices.

Even with a shaky week, Bitcoin is hovering around the $15,000 mark, after a two-month bull run that saw the price rise by more than 200 percent.

Schiff says those trying to ride the bubble are too late:

“People who got it years ago, even people who got it at the beginning of the year have the opportunity to cash out and make a lot of money. But people who are buying it at these prices or higher prices are going to lose practically everything.”

The old adage, “buy on the rumor and sell on the news,” seems to be the perfect way to sum up Schiff’s sentiments on the current attitude of green investors trying to make a quick buck out of Bitcoin:

“These currencies are going to trade to zero or pretty close to it when the bubble pops. Right now, the only reason why people are buying Bitcoin is because the price is going up. When it turns around, they are not going to sell it for the same reason.”

He also voiced by now common criticism of Bitcoin Core’s transaction functionality, noting the low speed and high cost of transactions on the network:

“There is no value in Bitcoin, you can’t use it as money. It’s too slow, too expensive and too vulnerable.”

The Rest…HERE

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