American businessman and investor Peter Schiff believes that investors who want to buy Bitcoin at current prices will lose everything and cannot make much profit from it.
Interesting and a little scary for Bitcoin. It’s been a few days.
Last week the price had a positive reaction to the launch of Bitcoin futures on the CBOE.
Then, on Wednesday, America’s largest Bitcoin exchange, Coinbase, launched Bitcoin Cash. in (BCH) platform and exchange announced that it was launched as a surprise to GDAX. Bitcoin has dropped a bit and BCH price has risen.
Prominent analyst Peter Schiff cited the 2008 housing market crash as an example, warning investors to be cautious when buying Bitcoin today. They Made Money
“People who started years ago, or even bought at the beginning of the year, have the opportunity to make money or even make a lot of money. But people who buy at these prices or higher can lose practically everything. These currencies will one day be close to zero or pretty close to it. Currently, the only reason people buy Bitcoin is because of its price increase. When this business returns, they can’t sell it the same way.”
Also, voicing common criticisms of Bitcoin Core’s transaction functionality, criticizing the low-speed and high-cost transaction cost:
There is no such thing as “Bitcoin”, you cannot use it as money. It’s too slow, too expensive, and too vulnerable.”
Cointelegraph