Peter Schiff Betting On 2021 Bitcoin Bear Market

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A few days ago Lunarcrush calculated whom had been the biggest social media influencer for Bitcoin in 2020. First up is eternal Bitcoin bull Anthony Pompliano, who makes regular appearances on CNBC where he is at each interval faced with a crypto critic. Last week this was Kevin O’Leary, one of the Shark Tank stars.

Secondly, and more surprising, was Peter Schiff, who has been touting gold for as long as we can remember. The easiest explanation is that Bitcoin enthusiasts have steadily been reading up on Schiff’s tweets in order to troll him in response.

Bitcoin bear market

As one of the first messages of the new year was a comparison between Bitcoin and Gold’s trajectory in 2020, we’re sure that he’s off to a great trolling start for 2021 as well and can assure you that the number of negative answers to his text greatly outweighed the positive ones.

Peter stated:

Bitcoin is up 4x in 2020, and most HODLers expect the rise to continue in 2021. But that’s what they thought at the end of 2017 as Bitcoin finished the year with a 14x gain. But 2018 was Bitcoin bear market, as its price fell by 70%. What if history repeats? What if it’s worse?

Bitcoin is up 4x in 2020, and most HODLers expect the rise to continue in 2021. But that’s what they thought at the end of 2017 as Bitcoin finished the year with a 14x gain. But 2018 was #Bitcoin bear market, as its price fell by 70%. What if history repeats? What if it’s worse?

— Peter Schiff (@PeterSchiff) December 31, 2020

In response, Bitcoin HODLers mostly made fun of his comparison, reminding Peter that major institutions were now invested in Satoshi Nakamoto’s crypto as well and therefore it was very different from the 2017-2018 ICO bull run.

The most interesting set of replies came from all those commenters who explained to him that 2021 can never be like 2018, but rather, as it is 4 years after the last halving, would possibly be like 2017.

They stated:

If comparing with history, please do it correctly. 2020 should be compared to 2016 and 2021 to 2017, which was bullish AS. 2022 is the year with correction. Bitcoin will go to 300k about January 2022 and thereafter go down to 150k before the next bullrun.

grejak / Depositphotos.com