Peter Schiff warned investors about the imminent collapse of Bitcoin

Financier Peter Schiff commented on the rise of Bitcoin (BTC) in the second half of June. In his opinion, the rally is coming to an end, and soon we will see a fall in the value of the cryptocurrency.

Peter Schiff has made similar statements before. For example, in August 2022, he predicted a collapse of BTC below $10,000 and urged traders to get rid of cryptocurrency as soon as possible. Last week, the financier confirmed his position.

He said that funds should be channeled into precious metals. Bitcoin is a speculative instrument that could crash at any moment, Schiff tweeted.

According to him, BTC entered a bullish phase in the second half of June following the stock markets. But in the coming weeks, we will see a resumption of sales, and as a result, the cryptocurrency will not be able to maintain its positions.

Peter Schiff noted:

Until recently, bitcoin remained outside the influence of speculative assets, which have grown. Now that Bitcoin has joined the rally, this is a sign that it will end soon. Growth usually stops when the lowest quality assets enter it. These assets are cryptocurrencies.