If bear markets end when the last bull capitulates, will the Bitcoin bull end now that the most public bear may have just capitulated?
Seems like Peter Schiff has just capitulated on Bitcoin. If Peter has been the most outspoken Bitcoin opponent there is, then perhaps we have just seen the top of the cryptocurrency run.
First, if it walks like a duck, and if it quacks like a duck, it may just have been a capitulation:
Recall that just last week, Schiff posted a video where he said “Bitcoin is not the solution. I do believe that [Bitcoin] is digital tulip bulbs, it’s going to collapse, and it’s going to end badly”.
Finally, here’s the price action in Bitcoin (spanning “all-time”):
Here’s Tulip Mania as shown by MSNBC:
Here’s the Venezuelan hyperinflation:
Here’s gold over the last 20 years: