Economist Peter Schiff explains why he expects Bitcoin to fail as the recession deepens – ‘Don’t buy this tip’ – Bitcoin News

Economist and gold bug Peter Schiff has made some bad predictions about cryptocurrency, especially bitcoin and ether. “The need to sell Bitcoin will only get worse as the recession deepens,” he said, adding that Bitcoin will fall to $ 20K while Ether will fall to $ 1K.

Peter Schiff shares his future outlook for bitcoin, ether, and crypto

Gold Buck Peter Schiff, chief economist and leading strategist at Euro Pacific Capital and founder of Schiffold, has made some bad predictions about bitcoin, ether and the crypto market in general.

He tweeted on Saturday:

Bitcoin is ready to crash for $ 20K and ethereum for $ 1K வேண்டாம் Do not buy this tip. You will lose more money.

In several tweets on Sunday, Schiff explained: “As food and energy prices rise, many Bitcoin hoteliers will be forced to sell to cover the cost. Grocery stores and gas stations do not accept bitcoin.

The economist noted: “No one needed to sell when Bitcoin went down during the Govt. Consumer prices were very low and hoteliers got incentive tests.

Schiff emphasized:

As the recession deepens, the need to sell bitcoin will worsen as many hoteliers lose their jobs, especially as soon as they become bankrupt blockchain companies.

“If circumstances change, long-term buyers will be forced to sell without pay,” he added.

Most Bitcoin supporters continue to ignore all the Bitcoin and crypto predictions made by Schiff, and many see his dark expectations as a signal to buy. BTC.

“The most consistent bad investment advice on public record,” one Twitter user wrote. Another asked Schiff: “Check the Bitcoin or Ethereum five-year charts, and then the gold. What did you have? What do you have for another 5 years? “

At the time of writing, Bitcoin is at $ 26,212.07 and Ether is at $ 1,373.77.

In addition, growing grocery stores and gas stations have begun to accept bitcoin and other cryptocurrencies. Sheetz, a large Mid-Atlantic restaurant and chain of convenience, Announced In May last year it became “the first convenience store chain to accept bitcoin”. Many convenience stores and gas stations have installed two-way Bitcoin ATMs, including the leading convenience and fuel vendor. Hopefully Q.

While Schiff is generally rude about the Bitcoin, Ether and Crypto markets, many are very positive about it. BTC. Venture investor Tim Dropper recently doubled His $ 250K bitcoin estimate. U.S. Senator Ted CruzIncredibly positive”Is in Bitcoin and the weekly magazine BTC To buy. Nigel Green, CEO of DeVere Group, said last week that he was looking forward to it A bull run And a “significant jump” in bitcoin prices in the fourth quarter of this year.

JPMorgan last month launched the company “Significant reversal”To Bitcoin. The global investment bank has transformed real estate with crypto as its “preferred alternative asset”. Moreover, according to a recent Deloitte survey, 85% of U.S. businessmen claim that Enables crypto fees High priority to them.

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

Kevin Helms

Kevin, a student of Austrian economics, discovered bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of bitcoin, open source systems, network effects and the crossroads between economics and cryptography.

Image aids: Shutterstock, Pixabay, Wiki Commons

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