Peter Schiff Discusses the Future of Bitcoin, Ether, and Crypto. Gold Peter Schiff has made some terrible forecasts. All regarding bitcoin, ether, and the crypto industry in general.
However, most bitcoin proponents continue to dismiss all of Schiff’s bitcoin and crypto predictions. Many see his pessimism as a buy signal for BTC.
With food and energy prices climbing, many bitcoin Hodlers will be compelled to sell to afford the expense. Schiff added in a series of tweets on Sunday. Bitcoin is not accepted in grocery stores or gas stations.
Companies are weighing up their options
Because of Bitcoin’s high volatility, several investors, including Warren Buffet, have labelled it risky. However, such cautions have not deterred more businesses from accepting the currency as a form of legal payment.
Last month, JPMorgan stated that bitcoin has a “significant upside.” Crypto has replaced real estate as the global investment bank’s “preferred alternative asset.” Furthermore, according to a recent Deloitte survey, 85 percent of U.S. merchants think that accepting crypto payments is a top priority for them.
Crypto crash stokes some financial crisis fears
“When Bitcoin plummeted during Covid, no one needed to sell,” the economist said. Hodlers received stimulus cheques and consumer costs were significantly lower.”
As the crisis develops and many Hodlers lose their jobs, especially those working for soon-to-be-bankrupt blockchain startups, the necessity to sell bitcoin to pay the bills will only get worse.
Just like Schiff, several other top economists and financial commentators have a bearish outlook on the crypto markets. But there are a few who see an upside in the crypto markets as well.
The market has been on a downward spiral for the past few days. BTC was at a touchdown average of $30K just two days ago. However, BTC is currently trading for less than $27.5K, with the graphs down 6.50 percent in the last 24 hours.