In a recent interview with Kitco, Peter Schiff, one of Bitcoin's biggest critics, claimed that the price of Bitcoin could still fall below the $10,000 level due to the sell-off caused by macroeconomic conditions.
Believing that Bitcoin peaked at $69,000 last November, Schiff reiterated that he does not think BTC will make a new high. Noting Bitcoin's latest rally, the analyst claims it's just a classic 'dead cat bounce'. The famous investor claims that the supply of cryptocurrencies continues to increase. Schiff believes there is little difference between Bitcoin and the other 20,000 altcoins.
Schiff, who has been constantly criticizing Bitcoin since 2011, emphasized that Bitcoin will lose its popularity after a point due to its high volatility and low adoption rate. Describing BTC and the ecosystem as a stupid venture, Schiff believes that gold is always a better investment.
It is worth noting that Schiff's price estimates are sometimes exaggerated. In August 2019, the economist predicted that the Bitcoin price would never reach $50,000. The cryptocurrency community gets into heated arguments with Schiff from time to time. According to the community, Schiff is right twice a day like a broken clock. However, in mid-May, he correctly spotted the technical sight on the Bitcoin chart. At the time, Bitcoin was trading just below the $30,000 level.
As the energy crisis with Russia continues, the uncertainty in the global economy is deepening. As the probability of the US economy entering a recession increases, selling pressure in cryptocurrencies is increasing at the same time. Bitcoin critic Peter Schiff gives a serious warning to investors at this point. The famous name predicts that there will be a big sale of Bitcoin HODLers in the coming weeks.
“As food and energy prices rise, many Bitcoin investors will have to sell to cover their expenses. Grocery stores and gas stations do not accept Bitcoin. During Covid-19, when Bitcoin fell, no one needed to sell. Consumer prices were much lower, and HODLers received incentives from the government. took."