Chairman of SchiffGold and vocal Bitcoin critic has suggested a scenario in which the Bitcoin price may begin to appreciate; however, he does not seem to believe it
Peter Schiff, great enemy of bitcoin and gold bug took to Twitter suggest an unrealistic scenario in which the price of BTC could start to rise. However, even if what he described were to happen, he said there would be no need to own Bitcoin.
Here’s what is necessary for BTC price to rise
Schiff has tweeted that in order for Bitcoin to begin rising, the NASDAQ index must start appreciating (since these two have been showing a strong correlation recently) and gold needs to drop in price, instead of appreciating now.
Other than that, the gold bug added, the US Federal Reserve must guarantee inflation to fall to 2% without hurting the economy, and that cannot be achieved, he pointed out, only if rate hikes are minimal, alongside government spending cuts. seriously.
However, in that case, Schiff states, you do not want to own Bitcoin since things would be healthy enough without people having to hold it.
In a previous tweet, Schiff wrote that he wait for NASDAQas well as the S&P 500, falling -50% and 30%, respectively, as the Fed is set to begin its rate hike this week, which has already sent Bitcoin down to the $38,422 level.
Schiff warns Bitcoin holders as meme stocks are plunging
Prior to that, the SchiffGold chairman posted another tweet, warning Bitcoin bagholders of another price crash that he expects to occur soon.
The reason is, according to Schiff, that meme stocks are now collapsing. For example, GameStop fell 15% for the second straight day, now trading below $79, more than 80% from the all-time high reached in 2021.
AMC is also showing a 5.5% decline today, Schiff stressed, stating that Bitcoin is the next asset to crash in this line.
Bitcoin goes down after a small recovery
After a huge hourly red candle that took the flagship cryptocurrency from $38,821 to the $37,630 level (minus 3.10%) on March 13, the next day Bitcoin managed to recover to $39,304, adding 4.45% on EU vote against banning proof-of-work crypto mining operations.
Then a small appreciation to $39,916 followed after a tiny price decline.
Today, March 15, the world’s leading digital currency lost 4.16% to $38,146 from $39,803. Right now, however, BTC is up a bit, hitting $38,556.
