Bitcoin's wild price swings spark fresh warnings from critic Peter Schiff
Bitcoin's price has seen sharp swings in recent months, with a steep drop from its claimed 2024 high. At the same time, long-time critic Peter Schiff has renewed his warnings about the cryptocurrency's future. The outspoken hedge fund manager insists Bitcoin will eventually collapse to zero—though not for years to come.
Bitcoin recently dipped below $63,000, nearly halving from a reported peak of $124,000 in October 2024. Despite this decline, the cryptocurrency rebounded slightly, trading at $70,915.99 at press time—a 4.4% gain over 24 hours.
Schiff has repeatedly dismissed Bitcoin's price surges as short-lived rallies in a broader bear market. He urges investors to 'sell the rip,' arguing that even prices of $100 or $1,000 would represent devastating losses for those who bought near the top. While he predicts Bitcoin's eventual collapse, he admits it may take five to ten years before the asset reaches zero.
The cryptocurrency's volatility remains a key talking point, especially as altcoins like Ethereum maintain significant market caps. However, no verified sources confirm Bitcoin's October 2024 peak or its current dominance levels, leaving some market trends unclear.
Schiff's warnings come as Bitcoin struggles to regain its former highs. His long-term prediction of a total collapse contrasts with short-term price movements, including the recent 4.4% rebound. For now, investors face a market where sharp gains and losses continue to define Bitcoin's trajectory.
