Economist warns ‘too many people long Bitcoin,’ will end up disappointed

Although Bitcoin (BTC) has recently grown its price to a new all-time high (ATH) and continues to trade above the psychologically important level at $70,000, some influential figures remain highly skeptical of the flagship decentralized finance (DeFi) asset, including American economist Peter Schiff.

Specifically, the famous Bitcoin naysayer strongly believes that too many individuals are confident in the future price increase of the maiden cryptocurrency and hold on to their long positions in it, but may end up disappointed, according to his X post on April 12.

At this point there are way too many people long #Bitcoin, 100% convinced they cant' lose and that the price will increase several fold, for such a move to actually occur. Markets seldom work out the way speculators expect them too. More often than not they end up disappointed.

Bitcoin price 7-day chart. Source: CoinMarketCap

All things considered, making a definite BTC price prediction is a challenging task, which makes forecasts like those by Peter Schiff all the more unreliable, particularly in the face of the numerous Bitcoin enthusiasts and outside observers who firmly believe in Bitcoin’s future success.

That said, regardless of what any of these renowned individuals might predict, it is critical to carry out one’s own detailed research and carefully weigh all the risks before investing a significant amount of money into any asset, be it cryptocurrencies, stocks, or anything else.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.