Peter Schiff, a well-known gold bug and cryptocurrency critic, has argued that a future bitcoin price crash will teach millennials, the generation with more exposure to BTC, a lesson.
According to Schiff on social media, the supposed bitcoin price crash will teach millennials a lesson as they will have “a lifetime to benefit from the wisdom that comes from losing money and learning from your mistakes.”
The good news is that all the Millennial Bitcoin hodlers who are about to get wiped out in #Bitcoin are still young enough to make their money back. They will also have a lifetime to benefit from the wisdom that comes from losing money and leaning from your mistakes.— Peter Schiff (@PeterSchiff) December 17, 2019
Schiff is known in the cryptocurrency community for criticizing the flagship cryptocurrency, and earlier this year predicted a massive sell-off will see BTC’s price reach $1,000. He argued technical analysis was pointing towards the $1,000 mark to “complete the pattern,” but argued bitcoin will eventually fall “much lower” than that target.
Last month, Schiff called out the price prediction of the founder of the BTCC exchange and crypto wallet Ballet Bobby Lee, who said that in the next five to 10 years bitcoin will hit $1 million. In response, Schiff claimed that “nonsense like this” keeps “hodlers on board while the whales quietly abandon ship.”
It’s worth noting various crypto community members see bitcoin as “gold 2.0,” and believe it could take a part of gold’s $7 trillion market cap. Earlier this year, Grayscale Investments, a cryptoasset management firm and a subsidiary of the Digital Currency Group, launched an ad campaign telling investors to drop gold and instead invest in bitcoin.
The ad was meant to promote the Grayscale Bitcoin Trust (GBTC) fund, which allows investors to gain exposure to the flagship cryptocurrency without actually managing bitcoin. Grayscale manages it for a fee.
Featured image via Unsplash.