U.Today – Renowned economist and financial commentator Peter Schiff has once again issued a warning about the price action of , claiming that the cryptocurrency bubble is about to burst.
Schiff, a long-time critic of Bitcoin, has consistently claimed that it has no intrinsic value and is a doomed speculative asset. In response to a recent tweet, Schiff claimed that Bitcoin’s recent price movements could be indicative of an impending crash.
“Sarcasm aside, it's hard to say whether the bubble has finally burst this time. The only thing that's certain is that it is, in fact, 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 is experiencing volatility. There have been significant price fluctuations in recent weeks, with Bitcoin hitting lows not seen since February.
His latest claim about the imminent bursting of the Bitcoin bubble adds to his long history of skepticism towards the cryptocurrency. Despite Schiff’s warnings, many in the cryptocurrency community remain optimistic about the future of Bitcoin.
Bitcoin Price Action
Bitcoin fell to a low of $54,278 on Monday, or $19,000 below the all-time high set in March. At the time of writing, BTC was recovering on expectations of increased inflows into the cryptocurrency market.
Digital asset investment products saw positive inflows for the first time in a month as cryptocurrency prices fell to their lowest levels in months. Bitcoin digital funds topped the list with nearly $400 million in inflows, reversing a three-week period in which products from the world’s largest cryptocurrency lost more than $1.2 billion.
At the time of writing, BTC is up 1.79% over the past 24 hours to $57,705.
This article was originally published on U.Today
