The veteran stockbroker said bitcoin has not accurately recovered from 2018’s bearish sentiment, wherein its rate dropped from $20,000 to $3,200 in just 11 months. Adding that every bear market has fake rallies that attempt to "sucker in" the bulls, Schiff noted that the ongoing bitcoin price boom is one of the same things. Excerpts:

• "A lot of people got suckered into this pump-and-dump scheme because they heard all the stories about young kids taking their Bar Mitzvah money into bitcoin and bought a Lambo. Pretty soon, it is going to be stories about people who lost their life savings because they put real money instead of play money into bitcoin."

https://www.newsbtc.com/2019/06/02/bitcoin-is-having-a-false-price-rally-says-peter-schiff/