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Economist Peter Schiff explains why he expects Bitcoin to crash as the recession deepens – warns “Do not buy this dip” – Bitcoin News

Economist and gold bug Peter Schiff has made some serious predictions about cryptocurrency, especially bitcoin and ether. He explained that “the need to sell bitcoin to pay the bills will only get worse as the recession deepens,” adding that bitcoin is ready to crash to $ 20K while ether will drop to $ 1K.

Peter Schiff shares future prospects for Bitcoin, Ether, Crypto

Gold bug Peter Schiff, chief economist and chief strategist at Euro Pacific Capital and founder of Schiffgold, has made some serious predictions about bitcoin, ether and the cryptocurrency market in general.

He tweeted on Saturday:

Bitcoin seems to crash to $ 20,000 and ethereum to $ 1[ads1],000 … Do not buy this decline. You will lose a lot more money.

Schiff further explained in several tweets Sunday: “With food and energy prices rising, many bitcoin Hodlers will be forced to sell to cover costs. Grocery stores and gas stations do not accept bitcoin.”

The economist noted: “When Bitcoin crashed under Covid, no one needed to sell. Consumer prices were much lower and Hodlers got stimulus checks.”

Schiff emphasized:

The need to sell bitcoin to pay the bills will only get worse as the recession deepens and many Hodlers lose their jobs, especially those who work for soon-to-be-bankrupt blockchain companies.

“If circumstances change, long-term unpaid buyers will be forced to sell,” he added.

Most bitcoin supporters continue to ignore all bitcoin and crypto predictions made by Schiff, and many view his gloomy expectations as a buy signal for BTC.

“Possibly the most consistently bad investment advice on public record,” wrote one Twitter user. Another asked Schiff, “Check bitcoin or Ethereum 5-year charts, then check gold. Which one would you rather keep? Which one would you rather keep for another 5 years?”

At the time of writing, bitcoin is trading at $ 26,212.07, while ether is at $ 1,373.77.

Furthermore, a growing number of grocery stores and gas stations have begun to accept bitcoin as well as other cryptocurrencies. Sheetz, a large Mid-Atlantic restaurant and grocery chain, announced in May last year that it had become the “first convenience store chain to accept bitcoin.” Several convenience stores and gas stations have also installed two-way bitcoin ATMs, including a leading grocery and fuel retailer, Circle K.

While Schiff is bearish about bitcoin, ether and the cryptocurrency market in general, many people are very positive about BTC. Venture capitalist Tim Draper recently doubled his $ 250,000 bitcoin prediction. US Senator Ted Cruz said he is “incredibly bullish” on bitcoin and has a weekly BTC buy. Devere Group CEO Nigel Green said last week that he expects a bull run and a “significant rise” in the price of bitcoin in the fourth quarter of this year.

JPMorgan said last month that the company sees a “significant upside” to bitcoin. The global investment bank has replaced real estate with crypto as its “preferred alternative asset.” In addition, a recent Deloitte survey found that 85% of US sellers say that activating cryptocurrencies is a high priority for them.

What do you think of Peter Schiff’s warnings? Let us know in the comments section below.

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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