From the beginning, there have been voices in the world of finance that have tried to label Bitcoin as a purely speculative asset. And it is that, the idea of a virtual currency without any type of governmental endorsement can be difficult to accept. Being one of the main spokespersons of this skeptical crypto trend Peter Schiif, who in the Tweet Today he said that Bitcoin is the biggest bubble of all:
Is Bitcoin a bubble?
The development of Bitcoin does not seem natural at first glance. After all, the idea of a virtual currency, without any backing in the physical world, and managed in a decentralized way, reaching prices of thousands of dollars, sounds far-fetched at first. After all, we have long been used to traditional fiat money as the only form of money in the world.
This has led many market analysts to view Bitcoin as a speculative commodity from the beginning. Questioning its price, and predicting multiple times that the next step in the history of BTC will be the collapse in its price. When the price of Bitcoin goes from being in the thousands of dollars, to fall to zero.
And Peter Schiff has been the most important voice in this chorus of crypto skeptics. Gaining relevance once again in recent days, when in the midst of a new rise in the price of Bitcoin, it has once again qualified the cryptocurrency as a bubble.
«If you measure the size of asset bubbles based on the level of conviction that buyers have in their operations, the #Bitcoin bubble is the largest I have seen. Bitcoin hodlers are more confident they are right and can’t lose than dotcom or home buyers during those bubbles«.
In this way, Schiff would also recognize a fundamental characteristic of the Bitcoin market. And it is that the holders of the cryptocurrency fervently believe in it and in its future. Something that for Schiff is a sign of how big the Bitcoin bubble is. But that for the crypto community, it is one of the greatest strengths of the crypto world.