Peter Schiff, a staunch Bitcoin critic, has called on crypto hodlers to dump their BTC holdings before it’s too late.
Speaking to Kitco News, he described bitcoin fanatics as “living in their own bubble” and a “state of illusion”. He further predicted that Bitcoin would drop below $10,000 or worse, stating that it would never regain its all-time high.
“I think Bitcoin has moved above $69,000…the next big move for Bitcoin will be $10,000 low,” Schiff told Kitco, David Lin. “People paid $50,000-60,000 for bitcoin, but now they have big losses of $23,000-24,000,”
Schiff further claimed that Bitcoin still has margin calls to make. Once they are done, investors will be enticed to sell, driving prices down, leaving dedicated investors to hold their bags, and institutions that were ripped off buying Bitcoin with regret.
“People are going to throw in the towel, and the market is going to take a dive… I think people should take advantage of the sucker rally they’re having right now and get out, I mean a lot of people are still in profit. Shiff added.
  
In 2021, the crypto verse was awash with huge hype stemming from numerous mainstream media ads, celebrities signing up to promote various coins, NFT craze, promotional conferences, and two countries adopting bitcoin as their currency. legal. According to Schiff, it was just a huge pump with people overlooking the dump. “Who was then behind the ‘pump and dump’ system? … The people doing the hype were the people selling,” he went on to say.
Since May, the crypto market has embarked on a bloody sell-off following the Terra-induced stablecoin detachment and the collapse of the DeFi sector, with most high-flying promotions going underwater.
In June, MicroStrategy posted a loss of over $1.2 billion on its bitcoin reserve. Last month, Tesla, another bitcoin holding company, was forced to dump 75% of its holdings. Elon Musk said he had a “super bad feeling” about the economy.
Nonetheless, despite Schiff’s warning for bitcoin and crypto investors, he’s not having a good time with banks either. The fund manager recently agreed to liquidate its Euro Pacific bank in Puerto Rico and return 100% of client deposits and pay a hefty fine. It comes after authorities cited “serious insolvency issues”, putting the bank’s operations on hold in June. Last month, Schiff revealed that he was willing to accept Bitcoin if authorities allowed him to sell the bank.
  
Peter Schiff, a staunch Bitcoin critic, has called on crypto hodlers to dump their BTC holdings before it’s too late.
Speaking to Kitco News, he described bitcoin fanatics as “living in their own bubble” and a “state of illusion”. He further predicted that Bitcoin would drop below $10,000 or worse, stating that it would never regain its all-time high.
“I think Bitcoin has moved above $69,000…the next big move for Bitcoin will be $10,000 low,” Schiff told Kitco, David Lin. “People paid $50,000-60,000 for bitcoin, but now they have big losses of $23,000-24,000,”
Schiff further claimed that Bitcoin still has margin calls to make. Once they are done, investors will be enticed to sell, driving prices down, leaving dedicated investors to hold their bags, and institutions that were ripped off buying Bitcoin with regret.
“People are going to throw in the towel, and the market is going to take a dive… I think people should take advantage of the sucker rally they’re having right now and get out, I mean a lot of people are still in profit. Shiff added.
  
In 2021, the crypto verse was awash with huge hype stemming from numerous mainstream media ads, celebrities signing up to promote various coins, NFT craze, promotional conferences, and two countries adopting bitcoin as their currency. legal. According to Schiff, it was just a huge pump with people overlooking the dump. “Who was then behind the ‘pump and dump’ system? … The people doing the hype were the people selling,” he went on to say.
Since May, the crypto market has embarked on a bloody sell-off following the Terra-induced stablecoin detachment and the collapse of the DeFi sector, with most high-flying promotions going underwater.
In June, MicroStrategy posted a loss of over $1.2 billion on its bitcoin reserve. Last month, Tesla, another bitcoin holding company, was forced to dump 75% of its holdings. Elon Musk said he had a “super bad feeling” about the economy.
Nonetheless, despite Schiff’s warning for bitcoin and crypto investors, he’s not having a good time with banks either. The fund manager recently agreed to liquidate its Euro Pacific bank in Puerto Rico and return 100% of client deposits and pay a hefty fine. It comes after authorities cited “serious insolvency issues”, putting the bank’s operations on hold in June. Last month, Schiff revealed that he was willing to accept Bitcoin if authorities allowed him to sell the bank.