HomeCryptocurrenciesCrypto-Critic Peter Schiff Says You Shouldn't Be Excited About Bitcoin Bouncing Back

Crypto-Critic Peter Schiff Says You Shouldn’t Be Excited About Bitcoin Bouncing Back

After a rough weekend that saw its value dip as low as $17,663.80, the world’s leading cryptocurrency Bitcoin surged back to surpass the $20,000 mark again. However, stockbroker and crypto-critic Peter Schiff says this bounce-back is nothing to get excited about.

Schiff recently posted a series of observations on Twitter in the wake of Bitcoin’s recent troubles. One of them was that claims about the crypto market crash being a “healthy shake-out” are true but for the global economy, not for the crypto market. He added that “crypto likely has a future” but believes Bitcoin won’t be part of it.

Schiff also questioned the excitement of investors about Bitcoin regaining some of its value in recent days. He branded the surge as “another bull trap.”

“Nothing drops in a straight line,” Schiff added. “In fact, this slow motion crash has been extremely orderly. No sign yet of any capitulation that typically forms a bear market bottom.”

Peter Schiff, who serves as CEO of broker-dealer Euro Pacific Capital Inc., has been vocal in his criticism of crypto, especially Bitcoin, since the early stages. Despite this, he owned an undisclosed amount of Bitcoin in the past before getting locked out of his account. After that, his criticism intensified.

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