Peter Schiff, a Bitcoin critic, thinks that a lot of people are now selling Bitcoin. Here’s why

  • “Bitcoin and blockchain-related stock prices are collapsing”
  • Schiff anticipates Bitcoin will go below $30,000

Peter Schiff, chairman of SchiffGold and an economist and investor, has turned to Twitter to remark on the present slump of the cryptocurrency market, forecasting widespread crypto sales and pointing to the collapse of blockchain-related equities.

Meanwhile, Bitcoin has slipped below the $37,000 threshold.

Bitcoin and blockchain-related equities are collapsing.

Schiff believes that the entire cryptocurrency business will be revealed as a “bad investment” now that Bitcoin and the crypto market as a whole are falling, along with the stocks of companies operating in the blockchain space.

Numerous layoffs in these companies will drive retail crypto investors to liquidate their assets in order to pay mounting bills.

He has also commented on the 19,316 new coins that are currently available on the market. According to him, the demand for various cryptocurrencies has resulted in a 42 percent fall in the crypto market’s capitalisation during the last half-year.

He believes that the supply of cryptocurrencies will eventually exceed the whole market capitalization.

Schiff anticipates Bitcoin will go below $30,000

In early January, Schiff stated that the world’s largest cryptocurrency is likely to go below the $30,000 support level.

 

The price of Bitcoin at the time was $35,000.

Now that BTC has been hit by the Federal Reserve’s recent half-a-basis-point interest rate hike (the highest in 22 years), the price has fallen to the $36,362 level.

Bitcoin’s decline is forcing the rest of the cryptocurrency market’s prices to decrease as well.

Katie Stockton, founder and managing partner of Fairlead Strategies, stated in an interview with CNBC on May 5 that the Bitcoin chart is broken and that she expects the top cryptocurrency to find its next support level near $27,200.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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