Popular gold bug Peter Schiff has again expressed a bearish view on Bitcoin. According to him, Bitcoin’s halving will not pan out quite the way many expect it to. He believes Bitcoin will collapse.
In a tweet posted earlier today, Schiff iterates his opinion that there’ll be a lot of sellers and no buyers after the halving.
“A consensus trade is crowded and usually doesn’t pan out as the crowd expects. I can’t think of a more consensus trade in Bitcoin than being long going into the halving, an event that is universally believed to be extremely bullish. So once the halving occurs, who’s left to buy?”
In another tweet, Schiff says Bitcoin will collapse. He admits he likes to rile Bitcoin proponents and will no longer be able to do so when Bitcoin’s inevitable collapse happens.
The recent tweets are particularly interesting, especially now that Bitcoin has crossed the $9,000 resistance level. Bitcoin is currently trading at $9,316.
Schiff has expressed a similar view about the halving before. According to him, the event risks a huge “sell the fact”, referring to popular trading saying which describes a situation where people are disappointed at a market event expected to be bullish.
Back in March, Schiff said anyone who chooses Bitcoin over gold, is a fool.