• Peter Schiff, CEO of Euro Pacific Capital, recently made a prediction on Twitter about the end of institutional adoption of cryptocurrency.
• He warned investors to be prepared for the next Bitcoin crash and chastised CNBC for failing to ask Mike Novogratz probing questions.
• Peter Schiff is skeptical of Bitcoin’s long-term viability but his son Spencer remains bullish about its future.
Peter Schiff’s Prediction
Investor, financial commentator, and Euro Pacific Capital CEO Peter Schiff made a prediction on Twitter regarding the future of Bitcoin [BTC]. He claimed that the institutional adoption of cryptocurrency is coming to an end. Additionally, the BTC non-believer also cautioned investors to be prepared for the next BTC crash. The #Bitcoin pumpers on @CNBC throwing nothing but softballs to @novogratz, who basically admitted the entire Bitcoin rally was driven by existing #HODLers buying more. Institutional adoption is over. The #blockchain letter has run out of chain. Get ready for the next crash. — Peter Schiff (@PeterSchiff) April 11, 2023
Schiff also chastised CNBC for failing to ask Galaxy CEO Mike Novogratz probing questions. He alleged that members of the news staff are “Bitcoin pumpers.“
Skeptical Of Long-Term Viability
Schiff was also skeptical of the cryptocurrency’s long-term viability. Furthermore, a vocal critic of the cryptocurrency for years, he shares his views with several Congress members in the U.S. He once compared crypto to a Ponzi scheme.
Son’s Bullish Opinion
However, Peter Schiff’s pro-crypto investor son, Spencer Schiff, reminded him that he once predicted BTC would be well below $10,000 by 2023. Spencer, on the other hand