📉 Peter Schiff warns: A deeper collapse of Bitcoin is imminent!
Economist and gold advocate Peter Schiff returns to issue his usual warnings in a strong tone, asserting that Bitcoin stands on the brink of a deeper collapse, especially after its price fell below the $100,000 threshold.
Schiff's main warning points:
• Price bleeding: Schiff sees the recent decline as just the beginning of a sharp selling wave that could drive Bitcoin to lower levels, pointing out that a price of $75,000 is a potential target at least.
• Liquidation of leverage: He attributes part of the expected selling pressure to the liquidation of open leveraged positions, exacerbating the downward movement.
• Diminishing optimism: Indicates a waning optimism among institutional and individual investors, despite the media hype and recent institutional purchases that have not prevented the decline.
• Value versus gold: Schiff describes Bitcoin as "Ridiculously Overpriced" and reiterates his stance that gold remains the true safe haven and more stable compared to the extreme volatility of cryptocurrencies.
Context of his warnings:
Schiff's warnings always come in the context of his ongoing comparison between Bitcoin and gold, where he sees Bitcoin lacking true value and considers it merely a speculative bubble. He is known for his bearish predictions of a complete collapse of the cryptocurrency.
Note: While some agree on the inherent risks in the market, cryptocurrency advocates believe Schiff's negative predictions have not materialized in the long term, and Bitcoin still enjoys significant momentum and increasing institutional adoption.
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