• Contrary to Peter Schiff’s and Jim Cramer’s pessimistic predictions, bitcoin continued its price expansion.
• The asset is currently trading at $22,800 – a 27% increase since Peter Schiff advised investors to sell their holdings when the asset was trading at around $18,000.
• Jim Cramer also urged people to cash out their “awful” crypto positions at the beginning of December last year, while the cryptocurrency was trading at $18,500.
The cryptocurrency industry has been facing criticism from several famous personalities in the past few months. However, despite their negative predictions, the price of Bitcoin has been steadily increasing. One of the biggest skeptics of the crypto industry is the American financial commentator, Peter Schiff. At the start of 2021, the asset was trading at around $18,000, and Schiff predicted that the spike would soon cease. He advised investors to sell their holdings at that time.
However, the uptrend continued, and the asset currently stands at $22,800 – a 27% increase from when Schiff shared his views. Another famous person whose grim predictions have failed as of the moment is Jim Cramer. The well-known TV host and stock market investor urged people to cash out their “awful” crypto positions at the beginning of December last year, while the cryptocurrency was trading at $18,500.
The continued increase of Bitcoin’s price is likely attributed to the asset’s newfound mainstream adoption. Several large financial players have invested in the asset, and the influx of institutional investors has helped the cryptocurrency reach new records in the past few months. Additionally, PayPal’s recent decision to allow its users to purchase, store, and sell cryptocurrencies has also provided a major boost to the entire industry.
As the world moves towards digitalization, more and more people are becoming aware of the benefits of cryptocurrencies. This is likely to continue driving Bitcoin’s price higher in the future. While it is impossible to predict the exact future of the asset, it is safe to say that the current uptrend is likely to continue for some time.