Peter Schiff acknowledges that Elon Musk played a significant part in Bitcoin’s rise to about $70,000 in 2021. When Bitcoin was trading at approximately $10,000 in 2020, Elon Musk made a funny tweet about a man who couldn’t decide whether to buy a cheap cryptocurrency or not.

When Bitcoin was around $10,000 and now, when the first cryptocurrency is purposefully vying for the local support level at $16,000, Musk posted the same image, Schiff said he was still amused. Due to the lack of technical support levels up to $12,220, the first cryptocurrency will plunge into a free fall in the event of a collapse.

Schiff was aggressively supporting the most recent gold market surge before drawing attention to Elon Musk’s comments. Unfortunately, the precious metal had a reversal after November 16 and has lost more than 2% of its value in recent days. The technical view, however, indicates that the advance is far from finished and that gold may continue moving upward following a short correction.

On his official Twitter account, Schiff has reiterated his stance on Bitcoin, claiming that the first cryptocurrency is doomed to failure due to its lack of intrinsic value and practical application. The cryptocurrency and Bitcoin critic, however, is of the opinion that digital assets like Ethereum, which have their own ecosystem behind them, might triumph and secure a spot on the market.