Most may know Peter Schiff as the anti-Bitcoin and pro gold advocate who takes every opportunity to slander the emerging asset class, but did you also know that he predicted the housing market collapse, the Great Recession and the last big stock market sellout caused?
And now he predicts an economic crisis that will be “much worse” than the last one after what he calls a massive stock market “bubble”.
Peter Schiff claims that the stock market bubble bursts
The fact that Bitcoin has risen next to the precious metal has long been a thorn in his side. But as much as he rejects cryptocurrencies and prefers gold, it is his comments about the stock market that make him hit the headlines again.
Not only was Peter Schiff notorious for his attacks on Bitcoin, but his status as a market analyst was consolidated after he predicted that the economy would soon experience a historic breakdown due to a failing housing market. Now Schiff claims that the last recession is nothing compared to what will unfold worldwide.
It may have been the corona virus pandemic that caused the first trigger, but Schiff claims the stock market is in a massive bubble that is about to burst.
“The problem is not the pin, the problem is the bladder, and once the bladder is pierced, the damage is done and the air comes out of this bladder,” Schiff told MarketWatch, adding, “If it isn’t that would have been the corona virus, it would have been something else.”