Economist Peter Schiff Explains Why He Expects Bitcoin to Collapse as the Recession Intensifies – Warns ‘Don’t Buy This Drop’ – Bitcoin News

Economist and gold researcher Peter Schiff has made some terrible predictions about cryptocurrencies, especially bitcoin and ether. “The need to sell bitcoin to pay the bills will only get worse as the recession deepens,” he explained, adding that bitcoin is poised to crash to $20,000 while ether drops to $1,000.

Peter Schiff shares prospects for the future of Bitcoin, Ether and Cryptocurrencies

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

Saturday tweeted:

It looks like Bitcoin is about to crash to $20k and Ethereum to $1,000…don’t buy this low. You will lose a lot of money.

Schiff also explained in several tweets on Sunday: “With food and energy prices on the rise, many bitcoin enthusiasts will be forced to sell to cover the cost. Grocery stores and gas stations do not accept bitcoin.”

The economist noted: “When bitcoin crashed during Covid, there was no one to sell. Consumer prices were much lower and Hodlers got stimulus checks.”

Schiff stressed:

The need to sell bitcoin 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 companies.

“If conditions change, long-term buyers without their salaries 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 predictions as a buy signal for the BTC.

“Possibly the worst investment advice on the public record,” one Twitter user wrote. Another Schiff asked: “Check the Bitcoin or Ethereum charts for 5 years, then check the gold. Which would you rather hold? Which would you rather hold for another 5 years?”

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At the time of writing, Bitcoin is trading at $26212.07 while Ether is trading at $1,373.77.

Moreover, an increasing number of grocery stores and gas stations have started accepting bitcoin in addition to other cryptocurrencies. Sheetz, a staple restaurant and chain of restaurants in the Mid-Atlantic, announce In May last year it became “the first small store chain to accept bitcoin.” Many convenience stores and gas stations have also installed two-way Bitcoin ATMs, including the leading convenience and fuel retailer, K . circle.

While Schiff is bearish on bitcoin, ether, and the cryptocurrency market in general, a lot of people are pretty bullish about it. BTC. Venture capital Tim Draper recently doubled He predicts $250,000 worth of bitcoin. US Senator Ted Cruz said:Incredibly bullishOn bitcoin and has a weekly release BTC He buys. Nigel Green, CEO of Devere Group, said last week that he expects that bull racing And a “significant bounce” in the price of Bitcoin in the last quarter of this year.

JPMorgan said last month that the company sees “big height“To Bitcoin. Global Investment Bank Has Replaced Real Estate with Cryptocurrency as the “Preferred Alternative Assets.” Moreover, a recent Deloitte survey found that 85% of US traders say Enable crypto payments top priority for them.

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

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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