Peter Schiff: Bitcoin Is A ‘Gigantic Pump-And-Dump’, But ‘OGs Did A Great Job Of Selling The Story’
Bitcoin (CRYPTO: BTC) critic Peter Schiff has acknowledged that his biggest miscalculation was underestimating the public’s willingness to buy the cryptocurrency — yet he still insists it remains a “gigantic pump and dump” destined to go to zero.
Schiff Concedes Public Demand But Maintains Bearish View
In a recent interview clip shared on X, Schiff admitted that his main error was “underestimating the gullibility of the public to buy it and the marketing savvy of those who promote it.”
He credited early Bitcoin adopters — or “OGs” — for building a narrative strong enough to create demand out of nothing, saying they “did a great job of selling the story and getting people to buy what they wanted to get rid of.”
Schiff argued that those early holders used hype cycles to offload holdings onto retail investors.
“I still think it’s going to zero,” Schiff said. “It’s a gigantic pump and …
About The Author
