Economist Peter Schiff has made some predictions about the demise of cryptocurrencies, especially bitcoin and ether. He said bitcoin will drop to $20,000 while ether will drop to $1,000.
Peter Schiff predicts the future of bitcoin, ether, cryptocurrencies
Peter Schiff, managing director and global chief strategist of Euro Pacific Capital, founder of Schiffgold, has made some predictions about bitcoin, ether and the cryptocurrency market in general.
Writing on Twitter, Schiff said bitcoin is in danger of dropping to $20,000 and ethereum to $1,000. He warned investors not to buy when the market was falling because of the high risk of losses.
"With rising food and energy prices, many bitcoin Hodlers will be forced to sell to offset the cost. Grocery stores and gas stations do not accept bitcoin." The economist also noted: "When Bitcoin collapses during covid, no one needs to sell.
Consumer prices have been much lower and Hodlers has examined this economic stimulus. "
Peter Schiff regularly criticizes cryptocurrencies, arguing that bitcoin is a huge speculative bubble that will explode and that those who are buying bitcoin are no longer available.
"The need to sell bitcoin to pay bills will get worse as the economy grows in recession. Many Hodlers lost their jobs, especially those working for blockchain companies that were about to go bankrupt. If the landscape changes, long-term buyers without wages will be forced to sell." He added.
Many investors remain optimistic about cryptocurrencies
Most bitcoin supporters continue to ignore all the predictions about bitcoin and cryptocurrencies made by Schiff. Many see his gloomy prediction as a signal to buy BTC.
One Twitter user wrote: "This is probably the worst investment advice on the public record." Another asked Schiff: "Check the 5-year chart of bitcoin or ethereum, then check the gold. Do you want to keep the investment more? Especially in five years? "
On June 13, bitcoin was trading at $26,212.07 while ether was trading at $1,373.77.
Besides, more and more grocery stores and gas stations have begun to accept bitcoin as well as other cryptocurrencies. Sheetz, a major restaurant and convenience chain in the Mid-Atlantic, announced last May 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 the leading fuel and convenience retailer, Circle K.
The Global Investment Bank has replaced real estate with cryptocurrencies as "preferred alternative assets."
While Peter Schiff makes negative predictions about bitcoin, ether and the cryptocurrency market in general, many are very optimistic about BTC.
Venture capitalist Tim Draper recently doubled short of his $250,000 bitcoin prediction. U.S. Senator Ted Cruz said he was "extremely optimistic" about bitcoin and buying BTC weekly.
Devere Group CEO Nigel Green expects a rally and "a significant recovery" in bitcoin's price in the fourth quarter of this year. JPMorgan also noticed a "significant price increase" for bitcoin.
Furthermore, a recent Deloitte survey found that 85% of U.S. merchants say that activating cryptocurrency payments is a top priority for them.
