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 Dont buy this dip. Youll 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 dont 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.
Schiff stressed:
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 golds. 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.
Furthermore, a growing number of grocery stores and gas stations have started accepting bitcoin as well as other cryptocurrencies. Sheetz, a major Mid-Atlantic restaurant and convenience chain, announced in May last year that it had become the first convenience store chain to accept bitcoin. Several convenience stores and gas stations have also installed two-way bitcoin ATMs, including a leading convenience and fuel retailer, Circle K.
While Schiff is bearish about bitcoin, ether, and the crypto market in general, many people are very bullish about BTC. Venture capitalist Tim Draper recently doubled down on his $250K bitcoin prediction. U.S. Senator Ted Cruz said he is incredibly bullish on bitcoin and has a weekly BTC buy. Devere Group CEO Nigel Green said last week that he expects a bull run and a significant bounce in the price of bitcoin in the fourth quarter of this year.
JPMorgan said last month that the firm sees a significant upside to bitcoin. The global investment bank has replaced real estate with crypto as its preferred alternative asset. Moreover, a recent Deloitte survey found that 85% of U.S. merchants say enabling crypto payments is a high priority for them.
What do you think about Peter Schiffs warnings? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Excerpt from:
Economist Peter Schiff Explains Why He Expects Bitcoin to Crash as ...
- Bitcoin Reaches Record High of $69,000, Recovering from 2022 Meltdown - The New York Times - March 10th, 2024 [March 10th, 2024]
- Is Bitcoin headed for $100k? What it could mean for US dollar. - IG - March 10th, 2024 [March 10th, 2024]
- Bitcoin Rallies To Record $70K, Prompts Coinbase Upgrade; BlackRock To Add BTC Exposure To $17.83 Billion Fund - Investor's Business Daily - March 10th, 2024 [March 10th, 2024]
- What Is Bitcoin 'Halving' and Does It Push Up the Cryptocurrency's Price? - Bloomberg - March 10th, 2024 [March 10th, 2024]
- What to Know About Bitcoins Record High in Latest Crypto Surge - The New York Times - March 10th, 2024 [March 10th, 2024]
- SEC's Gensler says crypto 'rife with abuses and fraud' as bitcoin surges to new all-time record - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Rich Dad Poor Dad Author Robert Kiyosaki: Bitcoin 'on Fire' BTC Headed for $300K This Year Markets and Prices ... - Bitcoin.com News - March 10th, 2024 [March 10th, 2024]
- Bitcoin can top $150000 in the next 12-18 months, says Fundstrat's Tom Lee - CNBC - March 10th, 2024 [March 10th, 2024]
- Is This The Real $90 Trillion Reason Behind BlackRocks Huge Bitcoin ETF Flip That Triggered The Price Boom? - Forbes - March 10th, 2024 [March 10th, 2024]
- Bitcoin's Test of All-Time Highs Means Old Miners Are Cashing Out - CoinDesk - March 10th, 2024 [March 10th, 2024]
- Bitcoin Price Prediction: Can BTC Reach $100000? Forbes Advisor - Forbes - March 10th, 2024 [March 10th, 2024]
- Bitcoin hits new all-time high near $69,000 before tumbling - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin spikes above $70K, a record high, before fading - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin Ordinals Wallet Oyl Raises $3M With Arthur Hayes, BRC-20 Creator Domo Among Investors - CoinDesk - March 10th, 2024 [March 10th, 2024]
- Fear of bitcoin price 'triple top' dismissed by analysts following all-time high - TheStreet - March 10th, 2024 [March 10th, 2024]
- Here's why gold, bitcoin and stocks are all hitting new highs - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin vs. Ethereum: Which Is the Better Buy? - U.S News & World Report Money - March 10th, 2024 [March 10th, 2024]
- Crypto Analyst Predicts Bitcoin Could Surpass $330000, Breaking Historical Growth Patterns Markets and Prices ... - Bitcoin.com News - March 10th, 2024 [March 10th, 2024]
- Bitcoin is running out of enemies - Fortune - March 10th, 2024 [March 10th, 2024]
- Why is Bitcoin at an all-time high? - BBC.com - March 10th, 2024 [March 10th, 2024]
- Bitcoin tops $68,000 as it nears 2021 all-time high - CNBC - March 10th, 2024 [March 10th, 2024]
- BlackRock's Global Allocation Fund Eyes Spot Bitcoin ETFs, Expects Institutional Uptake to Drive BTC Above $600k - TradingView - March 10th, 2024 [March 10th, 2024]
- FT Cryptofinance: This time isn't different for bitcoin rally - Financial Times - March 10th, 2024 [March 10th, 2024]
- Coinbase Stock vs. Bitcoin: Which Should You Invest In? - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- ETC Group CEO on Bitcoin's wild ride to a new high and why Ethereum could be the next big thing - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Miners continue money-conscious moves ahead of the Bitcoin halving - Blockworks - March 10th, 2024 [March 10th, 2024]
- Warren Buffett's danger to Apple, the truth about Bitcoin's record, and Nvidia's bubble: Markets news roundup - Quartz - March 10th, 2024 [March 10th, 2024]
- Warren Buffett Says He Wouldn't Pay $25 For All The Bitcoin In The World He Considers Crypto 'Rat Poison' And ... - Yahoo Finance - March 10th, 2024 [March 10th, 2024]
- Bitcoin breaks record: Will the crypto rally sustain? - DW (English) - March 10th, 2024 [March 10th, 2024]
- Bitcoin Hit a Record High. Here's What Might Happen Next - CoinDesk - March 10th, 2024 [March 10th, 2024]
- Bitcoin price falls below $39,000 as indicators suggest risk of a deeper correction, according to Bitfinex - The Block - January 25th, 2024 [January 25th, 2024]
- Bitcoin down 20% since ETFs approval, but may still see record high this year - MarketWatch - January 25th, 2024 [January 25th, 2024]
- Bitcoin briefly falls below $39,000 as post-ETF selling pressure continues - CNBC - January 25th, 2024 [January 25th, 2024]
- Bitcoin trims its losses after breaking below $39,000 to lowest level in 7 weeks - CNBC - January 25th, 2024 [January 25th, 2024]
- Bitwise publishes bitcoin ETF holdings address after on-chain sleuths uncover BlackRock's - Blockworks - January 25th, 2024 [January 25th, 2024]
- AI Agents Are Coming For CryptoPalantir Cofounder Issues Very Important Bitcoin, Ethereum, Solana And XRP Price Prediction - Forbes - January 25th, 2024 [January 25th, 2024]
- This Investing Phenomenon Could Be Why Bitcoin Prices Are Down After ETF Approval - Money - January 25th, 2024 [January 25th, 2024]
- Bitcoin Under $39K as ETF Debut Continues to Be a Sell-the-News Event - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Blockchain, the tech behind bitcoin, may have found its 'killer use case' by keeping AI in check - CNBC - January 25th, 2024 [January 25th, 2024]
- Why Aren't There Options on the New Bitcoin ETFs Yet? - The Wall Street Journal - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs to Likely Divert Users and Trading Volumes Away from CEXs, Says Anthony Bevan Bitcoin News - Bitcoin.com News - January 25th, 2024 [January 25th, 2024]
- Retail investors are worried bitcoin will plunge below $20000 this year, Deutsche Bank survey says - CNBC - January 25th, 2024 [January 25th, 2024]
- China's Currency Woes to Weigh on Bitcoin: Crypto Observer - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETF fee war spreads to Europe - Financial Times - January 25th, 2024 [January 25th, 2024]
- Bitcoin Bulls Buoyed by Report of FTX's $1B GBTC Sale - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Despite the Bitcoin ETF Hype, Survey Says Investors Are Still Skeptical - Barron's - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs aren't giving crypto a big boost just yet. Here's where the new funds stand - CNBC - January 25th, 2024 [January 25th, 2024]
- Why Bitcoin's 'relentless' selling will end in weeks - DLNews - January 25th, 2024 [January 25th, 2024]
- Bitcoin recovers above $40k amidst GBTC outflows, other ETF inflows - CryptoSlate - January 25th, 2024 [January 25th, 2024]
- These two drivers will fuel Bitcoin's rebound: 'It's happened often before' - DLNews - January 25th, 2024 [January 25th, 2024]
- Top Analyst Says 600 Days of Bullish Momentum Still Ahead for Bitcoin - The Crypto Basic - January 25th, 2024 [January 25th, 2024]
- Bitcoin Funds Are Here. But You Probably Dont Need Them. - The New York Times - January 25th, 2024 [January 25th, 2024]
- Bitwise releases wallet addresses of spot Bitcoin ETF holdings - Cointelegraph - January 25th, 2024 [January 25th, 2024]
- Mt. Gox Moves Seemingly Closer to Bitcoin Repayments For 2014 Hack Victims - CoinDesk - January 25th, 2024 [January 25th, 2024]
- Coinbase faces headwinds as Bitcoin and ETF interest dips, says JPMorgan - crypto.news - January 25th, 2024 [January 25th, 2024]
- Waning Bitcoin ETF Hype to Drag on Coinbase, JPMorgan Says - Yahoo Finance - January 25th, 2024 [January 25th, 2024]
- Bitcoin Price At Make-Or-Break Moment, Key Levels To Watch - NewsBTC - January 25th, 2024 [January 25th, 2024]
- Bitcoin Mid-Cycle Top? Benjamin Cowen Says One Indicator Suggesting BTC Headed for Downtrend - The Daily Hodl - January 25th, 2024 [January 25th, 2024]
- Franklin Templeton expects its spot bitcoin ETF to gain traction as financial advisors become more familiar with product - The Block - January 25th, 2024 [January 25th, 2024]
- Bitcoin ETFs: The Good, the Bad and the Ugly - RealMoney - January 25th, 2024 [January 25th, 2024]
- Cathie Wood Thinks Bitcoin Could Skyrocket 3,356% By 2030. Is She Right? - The Motley Fool - December 19th, 2023 [December 19th, 2023]
- JPMorgan says ether to outperform bitcoin next year - The Block - Crypto News - December 19th, 2023 [December 19th, 2023]
- XRP Beats Bitcoin, Ethereum in Weekly Fund Flows, Boasts $2.7M Inflow - The Crypto Basic - December 19th, 2023 [December 19th, 2023]
- Bitcoin Must Hold $32K Support to Prevent Bears from Taking Over: Analyst - CryptoPotato - December 19th, 2023 [December 19th, 2023]
- BlackRock Has Quietly Opened The Door To A Trillion-Dollar Plus Wall Street Game-Changer Amid The $700 Billion Bitcoin, Ethereum, XRP And Crypto Price... - December 19th, 2023 [December 19th, 2023]
- Bitcoin Bounces Over $43K, Altcoins, Crypto Stocks Burst Higher as Fed Projects Rate Cuts Next Year - CoinDesk - December 19th, 2023 [December 19th, 2023]
- 10 Best Bitcoin Stocks To Invest In - Yahoo Finance - December 19th, 2023 [December 19th, 2023]
- Why 2023 Is Like 2020 and Bitcoin Is Set to Head Towards $50k - CoinDesk - December 19th, 2023 [December 19th, 2023]
- Bitcoin About To Take Center Stage Again After BTC Holds $40,000, According to Analyst Heres His Outlook - The Daily Hodl - December 19th, 2023 [December 19th, 2023]
- Bitcoin rises as investors await vote on tentative debt ceiling agreement - CNBC - May 31st, 2023 [May 31st, 2023]
- 'Bitcoin Millionaire' Found Dead a Week After Going Missing - Decrypt - May 31st, 2023 [May 31st, 2023]
- US Debt Crisis: Gold and Bitcoin to Soar, Predicts Gromen - CryptoGlobe - May 31st, 2023 [May 31st, 2023]
- Why Bitcoin Is Falling Today - The Motley Fool - May 31st, 2023 [May 31st, 2023]
- At bitcoins annual convention, few feel the chill of crypto winter - Marketplace - May 31st, 2023 [May 31st, 2023]
- Bitcoin Association for BSV to Serve as Steward of Bitcoin Protocol - PR Newswire - May 31st, 2023 [May 31st, 2023]
- Former Operator of Payza.com Charged with Laundering 450 Bitcoin - Department of Justice - May 31st, 2023 [May 31st, 2023]
- Bitcoin is on a collision course with 'Net Zero' promises - Cointelegraph - May 31st, 2023 [May 31st, 2023]
- Using Bitcoin to build a business - The Unilateral Contract - CoinGeek - May 31st, 2023 [May 31st, 2023]
- ChatGPTs Bitcoin Price Prediction is $35,000, Also Backing Wall ... - Finbold - Finance in Bold - May 31st, 2023 [May 31st, 2023]
- best-bitcoin-casinos-for-2023-top-rated-btc-casino-sites - Analytics Insight - May 31st, 2023 [May 31st, 2023]