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HomeCrypto NewsMarketPeter Schiff Says Bitcoin Still “Has A Long Way to Fall”

Peter Schiff Says Bitcoin Still “Has A Long Way to Fall”

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Schiff makes new negative predictions for Bitcoin.

Popular cryptocurrency skeptic, Peter Schiff, has continued to make negative predictions for Bitcoin, the world’s largest cryptocurrency. In a tweet today, Schiff pushed the Bitcoin selling narrative to his followers by predicting that Bitcoin will fall further in the foreseeable future.

Schiff, a gold endorser, quoted an old tweet he posted in June, predicting that people will be forced to sell their Bitcoin to cope with the ongoing economic crisis.

He added that things will worsen for the world’s largest cryptocurrency as many Bitcoin investors lose their jobs in “soon-to-be bankrupt blockchain companies.” According to Schiff, people will be forced to sell their Bitcoin to pay their bills, especially as food and energy prices soar.

In his latest push to urge investors to sell their Bitcoin, Schiff quoted an old tweet, saying, “it did not take long for this forecast to come true.” The famous Bitcoin skeptic warned that the lion’s share of BTC sales is yet to take place, adding that the top crypto asset still has a long way to go.

Schiff Constantly Expresses His Skepticism for Bitcoin

Schiff is known for his hostilities toward Bitcoin. He has not failed to express his skepticism about Bitcoin and other cryptocurrencies. Whenever the crypto market is faced with a downturn due to a crisis, Schiff urges his followers to offload their Bitcoin holdings to prevent suffering huge losses.

His recent comments come amid the ongoing turbulence in the crypto market following the collapse of the FTX exchange. Recall that FTX filed for bankruptcy due to an alleged mishandling of customers’ funds. Sources revealed a hole of over $8 billion in the exchange’s balance sheet.

Investors Scamper for Safety Amid FTX Collapse

The FTX collapse wreaked havoc in the entire crypto market, plunging the value of Bitcoin from over $20,000 to $15,700. The volatility in the market led to a massive BTC selloff as investors converted their Bitcoin holdings to stablecoins.

Although Bitcoin has soared to around $16,500, investors are still seen moving large amounts of BTC to cryptocurrency exchanges, thus indicating that many are still selling.

According to Whale Alert, an anonymous Bitcoin investor transferred 2,634 BTC worth $44M to an address on San Francisco-based exchange, Coinbase.

At the time of writing, Bitcoin is trading at $16,585, up 1% in the past 24 hours.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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