The rise of Bitcoin is due only to speculation – Peter Schiff

Peter Schiff seems to be particularly upset by the Bitcoin rally.

Bitcoin reached the intraday peak of $ 9,485 on Bitstamp after the huge rally.

However, Peter Schiff continues to argue that the only thing driving the currency is speculation.

Schiff has been known as the Bitcoin Bear since predicting the end of cryptocurrency back in 2011.

After the BTC collapsed in March, it continued to make weak predictions. Just after the recession, Schiff mentioned to Bitcoin enthusiasts to prepare for another 50% drop.

On April 13, Schiff said that cryptocurrency holders would learn an expensive lesson, with Bitcoin reaching its highest level from February to the end of the month instead. 

Even so, Schiff is right. Bitcoin is a very volatile asset and is subject to whale manipulation since it has little market capitalization.

Let’s remind that BTC dropped from $ 10,500 to $ 3,800 within a month. But this time is different – the upswing was supported by high volumes of stock exchanges instead of leverage trading platforms.