Economist warns ‘too many people long Bitcoin,’ will end up disappointed
Although Bitcoin (BTC) has recently grown its price to a new all-time high (ATH) and continues to trade above the psychologically important level at $70,000, some influential figures remain highly skeptical of the flagship decentralized finance (DeFi) asset, including American economist Peter Schiff. Specifically, the famous Bitcoin naysayer strongly believes that too many individuals are confident in the future price increase of the maiden cryptocurrency and hold on to their long positions in it, but may end up disap point ed, according to his X post on April 12. At this point there are way too many people long #Bitcoin, 100% convinced they cant' lose and that the price will increase several fold, for such a move to actually occur. Markets seldom work out the way speculators expect them too. More often than not they end up disap point ed. — Peter Schiff (@PeterSchiff) April 11, 2024 Bitcoin vs. gold Furthermore, in response to commenter CryptoAmericanBully who refe...