Peter Schiff shares Future Outlook for Bitcoin, Ether, Crypto
The gold bug Peter Schiff, chief economist and chief strategist at Euro Pacific Capital and founder of Schiffgold, has made some formidable predictions about bitcoin, ether and the cryptocurrency market in general. On Saturday he wrote on Twitter: Bitcoin seems ready to collapse to $ 20,000 and ethereum to $ 1,000… Do not buy this fall. You will lose a lot more money. Sif further explained in several tweets on Sunday: “With food and energy prices soaring, many bitcoin holders will be forced to sell to cover costs. “Grocery stores and gas stations do not accept bitcoin.” The economist noted: “When Bitcoin collapsed during Covid, no one needed to sell. “Consumer prices were much lower and Hodler received incentive checks.” Sif stressed: The need to sell bitcoin to pay bills will worsen as the recession deepens and many Hodlers lose their jobs, especially those working for soon-to-be bankrupt blockchain companies. “If conditions change, long-term unpaid buyers will be forced to sell,” he added. Most bitcoin proponents continue to ignore all of Schiff’s bitcoin and crypto predictions, with many seeing his bleak expectations as a market signal for BTC. “Possibly the most consistently bad investment advice in the public record,” wrote one Twitter user. Another asked Siff: “Check the five-year bitcoin or Ethereum charts and then check the gold. Which would you prefer to keep? Which would you prefer to keep for another 5 years? “ At the time of writing, bitcoin is trading at $ 26,212.07, while ether is at $ 1,373.77. In addition, a growing number of grocery stores and gas stations have begun accepting bitcoin as well as other cryptocurrencies. Sheetz, a large chain of restaurants and convenience stores in Mid-Atlantic, announced in May last year that it had become “the first chain of convenience stores to accept bitcoin”. Many convenience stores and gas stations have also installed two-way bitcoin ATMs, including a leading retail and fuel retailer, Circle K. While Schiff is negative about bitcoin, ether and the cryptocurrency market in general, many people are very bullish on BTC. Capital businessman Tim Draper recently doubled his $ 250,000 bitcoin forecast. U.S. Senator Ted Cruz said he is “incredibly up” on bitcoin and has a weekly BTC market. Devere Group CEO Nigel Green said last week that he expects an upward trend and a “significant recovery” in the bitcoin price in the fourth quarter of this year. JPMorgan said last month that the company was seeing a “significant uptrend” in bitcoin. The World Investment Bank has replaced real estate with encryption as the “preferred alternative asset”. In addition, a recent Deloitte survey found that 85% of U.S. merchants say that enabling encrypted payments 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 Finance student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests are in Bitcoin security, open source systems, network effects and the intersection between economy and cryptography.
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