Economist and gold bug Peter Schiff has made some dire predictions about cryptocurrency, particularly 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 poised to crash to $20K while ether will sink to $1K.
Gold bug Peter Schiff, the 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.
He tweeted Saturday:
Bitcoin looks poised to crash to $20K and ethereum to $1K … Don’t buy this dip. You’ll lose a lot more money.
Schiff further explained in several tweets Sunday: “With food and energy prices soaring, many bitcoin Hodlers will be forced to sell to cover the cost. Grocery stores and gas stations don’t accept bitcoin.”
The economist noted: “When Bitcoin crashed during Covid no one needed to sell. Consumer prices were much lower and Hodlers got stimulus checks.”
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 working for soon to be bankrupt blockchain companies.
“If circumstances change, long-term buyers without paychecks will be forced to sell,” he added.
Most bitcoin proponents continue to ignore all bitcoin and crypto predictions made by Schiff, with many seeing his gloomy expectations as a buy signal for BTC.
“Possibly the most consistently bad investment advice on public record,” one Twitter user wrote. Another asked Schiff: “Check bitcoin or Ethereum 5-year charts, then check gold’s. Which would you rather have held? Which would you rather hold for another 5 years?”
At the time of writing, bitcoin is trading at $26,212.07 whereas ether is at $1,373.77.
What do you think about Peter Schiff’s warnings? Let us know in the comments section below.