Renowned financial commentator Peter Schiff Busy smile Regarding Bitcoin's recent price crash.
The gold bug correctly predicted that the cryptocurrency would struggle to sustain the $100,000 level.
Meanwhile, gold underwent a significant correction and managed to regain the $4,100 level.
“My Bitcoin track record has really improved over the last few years. HODLers, take note!” Schiff declared in a social media post.
Gold has significantly outperformed Bitcoin this year, gaining more than 50% against major cryptocurrencies.
Even a broken clock can be right
Of course, it's worth noting that this accurate prediction doesn't make up for years of horribly wrong Bitcoin calls.
as U.Today reportedSchiff first made a bearish Bitcoin price prediction in 2011 during an appearance on his radio show with Donald Norman. At the time, the cryptocurrency was trading for just $31. This means that those who actually heeded Schiff's advice missed out on huge profits. Bitcoin ended up being the best-performing asset of the past decade.
