Peter Schiff, a well-known Bitcoin critic and proponent of gold, thinks that Bitcoin is still expensive and should hit values way below $10,000, and the economist feels that the perilous barrier of $5,000 is hardly a reasonable price.
Schiff asserts that Bitcoin’s downside risk exceeds 70%. According to the expert, Bitcoin has not reached its bottom after falling from around $69,000 to approximately $15,000, and the cryptocurrency market should prepare for a further decrease in the near future.
Despite Schiff’s anti-crypto stance in his study, Bitcoin’s market behaviour over the last several months has been most unpredictable. Events like FTX’s collapse and the bankruptcy of the industry’s largest corporations prompted unexpectedly large surges in market volatility.
Due to its volatility, lack of regulation, and level of market manipulation, the economist has encouraged his followers to exit the bitcoin business as quickly as possible.
Peter Schiff rose to prominence among bitcoin traders and investors due to his bold and sometimes controversial forecasts, which were mostly based on assumptions and subjective opinions. Simultaneously, Schiff has highlighted serious issues within the digital assets business that actually hinder its growth.
One of Schiff’s numerous worries is the absence of intrinsic value behind Bitcoin, the world’s largest cryptocurrency with a market valuation of $326 billion. Schiff and other experts think that the price of digital gold will ultimately fall to zero because it lacks a solid base and there is no fuel for its recovery. Around the time of publication, Bitcoin is trading at $17,000 with nearly little volatility since November 30.
Also Read: Jim Cramer Suggests That Cardano, XRP, And Dogecoin Might Reach Zero
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