Peter Schiff, an economist and gold bug, has made dire predictions about cryptocurrency. He specifically predicted that bitcoin and ether would crash to $20K. He stated that “the need to sell bitcoin in order to pay the bills” will get worse with the recession. He also said that bitcoin will crash to $20K, while ether will plummet to $1K.
Peter Schiff shares his future outlook for Bitcoin, Ether and Crypto
Peter Schiff, the chief economist at Euro Pacific Capital, is the lead strategist and chief economist. He also founded Schiffgold. Schiffgold has made dire predictions about Bitcoin, ether and the cryptocurrency market.
He tweeted Saturday: Bitcoin could crash to $20K, ethereum could fall to $1K… Don’t take this plunge. You will lose even more.
Schiff explained further in several tweets Sunday that: “With food prices rising, many bitcoin hodlers will have to sell to pay the cost. Bitcoin is not accepted at gas stations and grocery stores.
According to the economist, “When Bitcoin crashed during Covid, no one had to sell.” Consumer prices were lower, and Hodlers received stimulus checks.
Schiff stressed: As the recession worsens, many Hodlers will have to sell bitcoin in order to pay their bills. This is especially true for those who work for blockchain companies that are soon to go bankrupt.
He said, “If circumstances change long-term buyers will have to sell,”
Many bitcoin supporters continue to ignore all crypto and bitcoin predictions made by Schiff. Some see Schiff’s gloomy outlook as a buy signal BTC.
One Twitter user said that “probably the most consistently poor investment advice on public records.” Another person asked Schiff: “Check the 5-year charts of bitcoin and Ethereum, then check the gold’s. Which would you prefer to have held? Which would you choose to hold for 5 more years?
Bitcoin is currently trading at $26,212.07, while ether is at $13,373.77 at the time.
A growing number of gas stations and grocery stores are now accepting bitcoins. , a major Mid-Atlantic convenience chain and restaurant chain, announced last May that it was the “first convenience store chain” to accept bitcoin.
Although Schiff is cautious about bitcoin and ether, as well as the crypto market, many people are bullish about BTC. Venture capitalist Tim Draper recently increased his $250K Bitcoin prediction. U.S. U.S. Nigel Green, CEO of Devere Group, stated last week that he expected a bull market as well as a “significant jump” in bitcoin’s price in the fourth quarter.
JPMorgan stated last month that it sees ” significant upside to bitcoin. According to a Deloitte survey, 85% of U.S. merchants believe enabling cryptocurrency payments is an important priority.