Peter Schiff calls Bitcoin the biggest bubble in history, and Bitcoin hash rate drop may delay price of $14,000

Peter Schiff calls Bitcoin the biggest bubble in history

The CEO of the investment company Euro Pacific Capital, Peter Schiff, said that Bitcoin supporters are the most convinced optimists compared to participants in other financial bubbles.

He compared Bitcoin to the 2001 tech bubble and the 2008 mortgage crisis.

“If you measure the size of asset bubbles based on the level of conviction buyers have in their trade, the Bitcoin bubble is the biggest I’ve seen

Bitcoin hodlers are more confident they’re right and sure they can’t lose than were dotcom or house buyers during those bubbles, “the businessman wrote.

Peter Schiff is an ardent opponent of cryptocurrencies and a proponent of gold. In 2011, when Bitcoin was worth about $1, Schiff said that he would rather invest $10,000 in gold than in cryptocurrency. Since then, the price of BTC has grown by more than 13,000 times.

Bitcoin hash rate drop may delay price of $14,000

Bitcoin could see downward price movement this week as network difficulty is set to drop the most in five months.

Data from data resource BTC.com estimates that difficulty will dip by 8.3% at the next automatic readjustment in four days’ time.

The latest fall has been attributed to the end of the so-called “hydro season” for Chinese miners. It occurs each October, when rainfall in China’s Sichuan province eases and cheaper hydroelectricity dries up, pushing up costs for miners.

The knock-on effect, coming at a time when Bitcoin tried and failed to crack $14,000 level for the first time in almost 18 months, may be a longer withdrawal from that essential mark.

Zooming out, Lina Seiche, managing director of Bitcoin media outlet BTC Times, drew attention to the hash rate’s overall strength.

“The Bitcoin hash rate is up 18% since the third halving, 9,300% since the second halving, and 554,000,000% since the first halving,” she wrote in her Twitter this week.

Exchanger monitor

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store