U.Today – Renowned economist and financial commentator Peter Schiff has once again issued a warning regarding cryptocurrency price movements, claiming that the cryptocurrency bubble is on the verge of bursting.
Schiff, a long-time critic of Bitcoin, has consistently argued that it has no intrinsic value and is a speculative asset doomed to failure. In response to a recent tweet, Schiff stated that Bitcoin’s recent price swings could be a sign of an impending crash.
“Sarcasm aside, it’s hard to say whether the bubble has finally burst this time. One thing is for sure: it’s a bubble. Since all bubbles eventually burst, it’s inevitable that the Bitcoin bubble will burst as well,” Schiff wrote.
Schiff’s warning comes at a time when the cryptocurrency market has been experiencing volatility. Recent weeks have seen significant price swings, with Bitcoin hitting lows last seen since February.
His latest claim that the Bitcoin bubble is about to burst deepens his long history of skepticism toward the cryptocurrency. Despite Schiff’s warnings, many in the cryptocurrency community remain bullish about Bitcoin’s future.
Bitcoin price action
Bitcoin fell to a low of $54,278 on Monday, $19,000 below its all-time high set in March. At the time of writing, BTC was rebounding on anticipation of increased inflows into the cryptocurrency market.
Digital asset investment products posted positive inflows for the first time in a month as cryptocurrency prices fell to their lowest levels in months. Bitcoin digital funds led the pack with almost $400 million in inflows, reversing a three-week period in which products for the world’s largest cryptocurrency lost more than $1.2 billion.
At the time of writing, BTC price is up 1.79% in the last 24 hours, reaching $57,705.
