Peter Schiff, the chief market strategist of Euro Pacific Asset Management has criticized the leading cryptocurrency Bitcoin (BTC), claiming that its November 2021 all-time high (ATH) price of $69,000 would never be reached again.
The long-time Bitcoin sceptic explained in a tweet why he believes the price increase to $69,000 was fraudulent: unparalleled crypto promotion and leveraged speculative purchasing. He supported this allegation with the bankruptcy of the FTX exchange, asserting that the Bitcoin craze is finished.
“One year ago, Bitcoin surpassed $69,00. The leverage that financed unprecedented #crypto advertising and speculative purchasing was one of the primary causes of the extraordinary surge. The collapse of #FTX indicates the whole surge was fraudulent. It will never occur again. “The Bitcoin craze has ended,” Schiff stated.
This is not the first time the well-known American trader and gold enthusiast has predicted the collapse of Bitcoin, which he thinks will eventually reach zero. Following BlockFi’s statement that it will stop withdrawals, Schiff advised investors to liquidate their Bitcoin if possible.
Schiff also projected that BTC would reach $10,000 in August, recommending investors exit the market while they still had gains. Ether (ETH), the second-largest cryptocurrency, and the remainder of the crypto market are seen similarly.
Schiff’s warning comes at a time when the price of the pioneer cryptocurrency is down around 75.5% from its all-time high (ATH). At the time of writing, BTC is trading at $16,850, an increase of 1.81% on the day, according to statistics from CoinMarketCap.
This is a tiny rebound after last week’s drop to a two-year low of $15,702 as a result of the news that FTX had an $8 billion accounting hole. FTX has purportedly been hacked and has filed for bankruptcy, prolonging the drama.
The collapse of cryptocurrency exchanges has had a ripple effect throughout the crypto industry, causing the market capitalization to tumble to less than $900 billion.
Regardless, Bitcoin retains its status as the asset with the greatest performance over the last decade. BTC has generated a return on investment (ROI) of 154,890% over the last decade, compared to gold’s return of 3%.
Also Read: Rich Dad Author Robert Kiyosaki Discusses The Recent Cryptocurrency Market Decline
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