Peter Schiff Once Again Raised His View After Halving, Said What Happens Next

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • On May 11, 2020, the prime coin has experienced its third block reward halving. However, the halving event that was expected to happen on May 12, 2020, rushed a day before due to the speed of the network.
  • The popular economist Peter Schiff pricked on Twitter congratulating BTC HoDLers on halving completion and asking what will happen next.
  • Schiff has again expressed a bearish view on BTC.

On May 11, 2020, the prime coin Bitcoin has experienced its third block reward halving. However, the Bitcoin halving event that was expected to happen on May 12, 2020, rushed a day before due to the speed of the network. Over the day, the price of BTC was floating in the range between $8,300-8,700. The popular economist Peter Schiff pricked on Twitter congratulating BTC HoDLers on halving completion and asking what will happen next.

After-effects of halving

The halving event is expected to occur every four years (210,000 blocks) on the BTC chain. The last two bitcoin halving events happened in 2012 and 2016 respectively. The halving in layman terms means that the reward earned by miners per block will be axed in half.

In the meantime, certain Bitcoin haters revealed their sentiments around halving event. The popular economist Peter Schiff pricked on Twitter congratulating BTC HoDLers on halving completion and asking what will happen next.

Schiff has again expressed a bearish view on Bitcoin. As per him, the crypto king will not perform the way traders are expecting after halving.

Bitcoin is a great speculation

Recently, the billionaire hedge fund manager Paul Tudor Jones opined in a report saying Bitcoin is great speculation.  To which, the gold bug Peter Schiff countered by saying Paul thinks that Bitcoin is unlike gold is a highly speculative asset.

Schiff further added Paul is willing to risk 1% of his portfolio betting on but if it is more than 1%, Paul must sell enough bitcoin to reduce his holdings. Schiff never escapes a single moment to raise his voice criticizing BTC.

Continuing with the tweet, Schiff responded to an investor stating BTC is zero percent of his portfolio and does not think it’s worth the risk.

In short, Schiff has made many speculations for BTC on multiple occasions by saying Bitcoin will crash and will lose its value. But till now, nothing of the kind has happened.

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