Most popular Bitcoin critic in world places another bet
Renowned Bitcoin Critic and Gold Advocate Peter Schiff According to the economist, he believes that bitcoin is still overpriced and should reach values below $10,000, and the dangerous threshold of $5,000 is hardly a reasonable price.
According to Schiff, Bitcoin has far more downside risk than 70%. After the decline from $69,000 to approximately $15,000, Bitcoin has not found its bottom, according to the analyst, and a further drop is a realistic possibility that the cryptocurrency market should brace for in the foreseeable future.
Despite Schiff’s anti-crypto approach to his analysis, bitcoin’s behavior on the market during the past few months has been hardly predictable. Events such as the FTX implosion and the bankruptcies of the biggest companies in the industry led to a massive increase in volatility that almost no one would have expected.
The economist has urged his followers to get out of the cryptocurrency industry as soon as possible due to its instability, lack of regulation and the extent of the manipulation that the cryptocurrency market has to face.
Is Schiff correct?
Peter Schiff became popular among cryptocurrency traders and investors with his bold and often provocative predictions, which were mostly based on assumptions and subjective opinions. At the same time, Schiff is highlighting real problems within the digital asset industry that are actually hindering its growth.
One of Schiff’s many concerns is the lack of intrinsic value behind Bitcoin, which remains the biggest cryptocurrency in the world with a $326 billion market capitalization. With the lack of foundation beneath the asset, Schiff and other analysts believe that the price of the digital gold will eventually tumble to zero and there will be no fuel for its recovery.
As of press time, bitcoin is trading at $17,000, showing almost no volatility since November 30.
