Gold bug and outspoken crypto critic Peter Schiff has admitted that he’s been “wrong” about bitcoin.
In a Twitter exchange with Gemini co-founder and CEO Tyler Winklevoss, Schiff conceded that some of his previous predictions about bitcoin have been flawed. Schiff’s comments came in response to Winklevoss pointing out that BTC’s latest price dip was still holding steady above $10,000.
Schiff, who has predicted bitcoin’s demise on multiple occasions, argued that BTC was consolidating ahead of another price breakdown. According to the gold bug, bitcoin was in danger of eroding its $10,000 price resistance and offering investors too many chances to buy the bottom.
However, Schiff conceded he has been wrong about bitcoin in the past, particularly when reminded of a pre-halving prediction in May that bitcoin would fall below $9,000.
Instead, Schiff argued that bitcoin’s price rally had been buoyed by the massive success of gold over the last several months, saying the former had ridden “gold’s coattails” above $12,000.
The Europac CEO also pointed to advertising efforts by asset manager Grayscale for bringing bitcoin into the mainstream spotlight.
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