Economist Peter Schiff took a dig at the conviction of Bitcoin (CRYPTO: BTC) holders on Sunday, suggesting that their expectations might be misguided.
Schiff Questions ‘Overwhelming’ Consensus Among Bitcoiners
In an X post, Schiff challenged Bitcoiners’ supposed conviction that they are guaranteed “extraordinary gains” if they weather the market’s volatility.
“When such an overwhelming consensus develops, markets tend to confound expectations by doing the opposite of what the crowd expects,” the Bitcoin critic added.
Bitcoin HODLers not only believe they can’t lose on Bitcoin, but that extraordinary gains are guaranteed so long as they ride out the volatility. When such an overwhelming consensus develops, markets tend to confound expectations by doing the opposite of what the crowd expects.
— Peter Schiff (@PeterSchiff) …Full story available on Benzinga.com
