Marijuana stocks aren't doing too well lately, and if it tanks, Peter Schiff thinks it will affect Bitcoin (BTC).
The CEO of Euro Pacific Capital is once again rattling the crypto world with yet another bearish prediction on the first decentralized cryptocurrency. This time he chalked up a BTC crash to a marijuana bust.
Schiff tweeted, "Many of the speculators who were buying pot stocks were also buying #Bitcoin. With heavy losses in the former, perhaps they will look to realize some gains on the latter, or mitigate their losses before the bottom drops out of the crypto market too."
This correlation that Schiff is blindly trying to establish has already been disproven, CCN reports. For one, the king of cryptos doesn't have any relationship to stocks as investors didn't pool money into it when the stock market took a dive.
There are also insufficient data to support Schiff's claims. Further, CNN points to BTCs diminished volatility that welcomes more institutional participants, as evidenced by a chart tweeted by Skew Analytics, which is proof that speculators aren't singularly running the show.
The cannabis industry has been on a downturn for most of 2019, which isn't the case for BTC, as this year was a dramatic improvement to its dismal 2018.
Schiff's insistence on a correlation between the Bitcoin and pot stocks is unsubstantiated, but may very well be his continued tirade on the popular crypto. Schiff has gained a reputation in the crypto world as a Bitcoin hater. He called Bobby Lee's prediction of a $1 million Bitcoin price as nonsense.
On October 22, Schiff also predicted for BTC to go down to $2,000 only to see it go up to $10,350.
However, it seems like Schiff isn't entirely a crypto hater. He may despise Bitcoin, but he has something better to say about cryptocurrencies.
On October 23, he tweeted, "Privately issued cryptocurrencies, backed by real assets, would represent a major improvement over our current system of national fiat currencies.
Consumers are best served by competition. Let capitalism restore the freedom, privacy, and stability governments have destroyed!"