Peter Schiff, the chairman of SchiffGold and an economist and investor, predicted massive selling of crypto and the collapse of blockchain-related equities. He took Twitter to remark on the recent fall of the cryptocurrency market.
Peter Schiff believes crypto industry shall be exposed as a “malinvestment”
Peter Schiff feels that now that Bitcoin and the crypto market are collapsing, and so are the stocks of blockchain firms, the entire crypto industry will be uncovered as a “malinvestment.”
#Bitcoin, #crypto, & #blockchain related stocks are getting decimated. Many of these companies will go bankrupt as the entire industry is exposed as malinvestment. Mass layoffs will result in mass selling of crypto as unemployed workers raise cash to pay soaring household bills.
— Peter Schiff (@PeterSchiff) May 5, 2022
Peter Schiff has also commented on the market’s excessive amount of new coins, which now stands at 19,316. According to him, the overall decrease in the size of the crypto market in the previous half-year has been 42% due to the demand for various cryptocurrencies.
Bitcoin will go below $30,000 in the near future, Peter Schiff
In early January, Peter Schiff predicted that the world’s leading cryptocurrency will fall below the $30,000 support level. Bitcoin was trading at $35,000 at the time.
Bitcoin has been struck by the Federal Reserve’s latest rise in interest rates by half a basis point (highest growth in 22 years), so the price has dropped to the $36,362 range.
Katie Stockton, founder and managing partner of Fairlead Strategies, stated during an interview with CNBC that the Bitcoin chart has been broken, and she expects the top cryptocurrency to reach the next trading range at about $27,200.
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