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Again, Peter Schiff expresses disdain towards crypto, says market collapse has begun

Daniel Abel
By Daniel Abel 4 Min Read
Peter Schiff
Peter Schiff says the crypto market collapse has begun

LAGOS (CoinChapter.com) — Popular Bitcoin critic and chief global strategist at Euro Pacific Capital, Peter Schiff has once again predicted the downfall of digital assets.

Peter Schiff, expressed his opinion via his official Twitter handle while commenting on the current decline of the cryptocurrency market. The Bitcoin critic again predicted the mass selling of crypto and the collapse of stocks related to blockchain.

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Capitalizing on the decline of several top blockchain stocks, Schiff opined that it was the beginning of a major collapse. The economist argued that the current decline would expose Bitcoin and other blockchain stocks as a “malinvestment.”

Schiff in his post targeted Michael Saylor’s MicroStrategy (MSTR), Coinbase (COIN), and Grayscale Bitcoin Trust (GBTC), among other top stocks. He said the current bearish run these blockchain-related stocks are experiencing will also extend to Bitcoin pushing it below $30,000.

Furthermore, the chairman of SchiffGold in his usual rhetoric and misguided magniloquence urged crypto holders to sell their assets. He advised crypto holders to sell their tokens while they still can. He said:

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“This is not normal stock market action. #Bitcoin is about to crash. Wake up HODLers and sell while you still can. Don’t say I didn’t warn you!”

Additionally, Schiff also opinionated that Bitcoin can never be an alternative to gold. He explained that while Bitcoin is down significantly in recent days, gold is only down 1%.

Bitcoin Will Crash Below $10,000, Says Peter Schiff

As Bitcoin and the crypto market, in general, are plummeting, Peter Schiff had recently predicted that the top crypto asset will plunge below $10,000.

The economist in a recent post believes that Bitcoin will first drop below $30,000 before plummeting below $10,000. He said:

“If Bitcoin breaks decisively below $30K it seems highly likely that it will crash below $10K. That means anyone who owns Bitcoin now has a very important decision to make.”

Schiff also noted that the overall excessive amount of new coins on the market will aid the collapse of cryptocurrencies. He indicated that due to the proliferation the supply of cryptocurrencies will exceed the overall market cap.

It is worth noting that this is not the first time Peter Schiff has predicted a near-absolute capitulation for bitcoin. However, his proclamations in most cases usually never come to fruition as Bitcoin and other digital assets always rebound.

Currently, Bitcoin market has entered extreme fear, the lowest level it has been at all year. The leading asset price is down by over 8% in the last 24 hours, dropping as low as $31,394.54, according to data from CoinGecko.

Also, Bitcoin is 54% below its all-time high record reached on November 10. Meanwhile, the entire crypto market plunged significantly to $1.5 trillion from its $3 trillion high.

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Daniel Abel

Daniel Abel is an experienced journalist and crypto enthusiast. He has been covering the blockchain and crypto industry since 2018 and believes digital currency is the future.

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