Economist and gold specialist Peter Schiff has made some dire predictions about cryptocurrencies, especially bitcoin and ether. He explained that “the need to sell bitcoin to pay bills will only increase as the recession deepens,” adding that bitcoin could drop to $20,000 and Ether could fall to $1,000.
Peter Schiff Shares Future Perspectives for Bitcoin, Ethereum and Crypto
Goldbug Peter Schiff, chief economist and lead strategist at Euro Pacific Capital and founder of Schiffgold, has made some dire predictions about bitcoin, ether, and the crypto market in general.
On Saturday, he tweeted:
Bitcoin looks like it’s about to drop to $20K and Ethereum to $1K… Don’t buy into this drop. You will lose much more money.
Schiff further explained in several tweets on Sunday: “With rising food and energy prices, 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 during Covid, no one needed to sell. Consumer prices were much lower and hodlers were getting stimulus checks.”
The need to sell bitcoin to pay bills will only intensify as the recession deepens and many hodlers lose their jobs, especially those who work for blockchain companies that will soon go bankrupt.
“If circumstances change, long-term buyers with no salary will be forced to sell,” he added.
Most bitcoin proponents continue to ignore all of Schiff’s predictions about bitcoin and cryptocurrencies, and many see his gloomy expectations as a buying signal. BTC.
“Perhaps this is the worst investment advice ever known,” wrote one Twitter user. Another asked Schiff, “Check the 5-year charts for Bitcoin or Ethereum, then check the charts for gold. What would you rather keep? What would you rather keep for another 5 years?”
At the time of writing, Bitcoin is trading at $26,212.07 and Ether is trading at $1,373.77.
In addition, an increasing number of grocery stores and gas stations have begun accepting bitcoin, as well as other cryptocurrencies. Sheetz, a major mid-Atlantic chain of restaurants and convenience stores, announced last May that it was “the first convenience store chain to accept bitcoin.” Several convenience stores and gas stations have also installed two-way Bitcoin ATMs, including leading convenience store and fuel retailer Circle K.
While Schiff is bearish on bitcoin, ether and the crypto market in general, many people are bullish. BTC. Venture capitalist Tim Draper recently doubled his $250K Bitcoin forecast. US Senator Ted Cruz said he is “incredibly bullish” on bitcoin and weekly BTC buy. Last week, Devere Group CEO Nigel Green said he expects a bull run and a “significant jump” in the price of bitcoin in the fourth quarter of this year.
JPMorgan said last month that the firm sees “significant upside” for bitcoin. The global investment bank has replaced real estate with cryptocurrencies as its “preferred alternative asset.” What’s more, a recent Deloitte survey found that 85% of US merchants say allowing crypto payments is a priority for them.
What do you think of Peter Schiff’s warnings? Let us know in the comments below.
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