Economist Peter Schiff explains why he expects Bitcoin to plummet as the recession deepens: he warns, “Don’t buy this drop.”
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- Peter Schiff recommends not to buy crypto in this fall
- He believes that many bitcoiners will sell their BTC to buy food.
- Saturday predicted Bitcoin would fall to USD $20k and Ether to USD $1k
The vast majority of bitcoiners are currently “pulling each other’s hair out” And no wonder: the loss has been deep and little noticed by many investors. Today the price is at USD $22.191, 25% lower than a week ago and 68% below its peak price, according to CryptoMarkets.
While Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. has fallen countless times, it has also recovered, say some more optimistic people. However, in the midst of an environment more gained by uncertainty and fears, there is at least one person who is smiling from ear to ear: el economista antibitcoin Peter Schiff.
It’s worth remembering that even in the cryptocurrency’s best moments, Schiff hasn’t given his arm, and has always been a fierce critic of it, even though he’s your son is a convinced investor. In fact, at times last year when the price was skyrocketing, he still recommended to bitcoiners to seize the moment and sell what they had, for the coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. was going to fall.
With a few months to go, it looks like Schiff was right.
Schiff’s black predictions
Now, in Twitter, economist Peter Schiff, a strong advocate of gold as an investment, explains why he expects gold to Bitcoin plummet as the recession deepens. He also warns: “No comprar esta caída”
He explained that “the need to sell bitcoin to pay bills will only get worse as the recession deepens.” and added that Bitcoin yEther the form of payment used in the operation of the distribution application platform, Ethereum. are about to sink even lower.
“Bitcoin looks like it’s about to collapse to $20K and Ethereum a decentralized open-source blockchain with smart contracts functionality. to $1K… Don’t buy this drop. You will lose a lot more money.”
Likewise, he added on Sunday referring to the overall numbers in the crypto ecosystem:
“With Bitcoin falling below key support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. at USD$25K and Ethereum below USD$1,300, the combined market an area or arena, online or offline, in which commercial dealings are conducted. cap of nearly 20K cryptos has fallen below USD$1 trillion, down from a record USD$3 trillion. That’s USD $2 billion less, $1 billion left. The last billion will be the most painful “.
Schiff explicó además en varios tweets posteriores:
“With food and energy prices skyrocketing, many bitcoin hodlers will be forced to sell to cover the cost. Grocery stores and gas a term used on the Ethereum platform that refers to a unit of measuring the computational effort of conducting transactions or smart contracts, or launch DApps in the Ethereum network. It is the “fuel” of the Ethereum network. *see Gas Limit and Gas Price. stations won’t accept bitcoins. When bitcoin collapsed during Covid no one needed to sell. Consumer prices were much lower and HODLers received stimulus checks.”
With food and energy prices soaring, many #Bitcoin HODLers will be forced to sell to cover the cost. #Grocery stores and #gas stations don’t accept Bitcoin. When Bitcoin crashed during #Covid no one needed to sell. Consumer prices were much lower and #HODLers got stimulus checks.
– Peter Schiff (@PeterSchiff) June 12, 2022
In this sense, Schiff seems to be along the same lines as financial influencer Robert Kiyosaki, who – although he’s an enthusiast for Bitcoin- yesterday published a tweet sinister in which he said that he no longer even have Bitcoin no gold was good, now you had to buy “cans of tuna”, predicted a complex global food situation.
More negative forecasts and responses
Schiff emphasized:
“The need to sell bitcoins to pay bills will only get worse as the recession deepens and many Hodlers lose their jobs, especially those working for soon-to-be-bankrupt Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. companies. If circumstances change, long-term buyers without paychecks will be forced to sell.”
However, users don’t believe Schiff’s bad predictions, as many are betting on the long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. term with their investments:
“Possibly the baddest investment advice ever publicly recorded.” wrote a user of Twitter. Another told Schiff: “Check the 5 year charts for Bitcoin or Ethereum, then check the charts for gold. which would you rather have held? which would you rather have held for another 5 years?”
Schiff also referred to the temporal pause of retreats from Bitcoin announced yesterday by Binance:
Veamos qué tan temporal es esta pausa. ¡Donde hay humo, hay fuego!
It also made serious criticism of CNBC media which he believes tries to minimize the relevance of this fall, looking for interviewees who only talk about how well the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. has done after previous crises.
Poll today
Schiff did in Twitter a poll today in which he asked his followers which would happen first: whether the collapse of the Bitcoin at $6,000, 6% 30-year fixed mortgage, gasoline at $6,000, or 6% unemployment. The first three items Up to this hour, they reached around 30% of responses each, being the least selected the unemployment percentage, for which only 9.8% of users voted.
Which of the following will happen first?
– Peter Schiff (@PeterSchiff) June 13, 2022
Sources: Twitter, Bitcoin.com , archivo
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