Peter Schiff advises to investors to quit bitcoin
Credits: Coingape

Peter Schiff advises people to sell bitcoins and exit market

Peter Schiff predicts that Bitcoin will drop further

  • Bitcoin’s collapse in the market crash
  • Bitcoin’s rally in 2021
  • Peter Schiff predicts Bitcoin’s future
  • Future for Cryptocurrency

 

Bitcoin’s collapse in the market crash

Bitcoin happens to be one of the most capitalized cryptocurrencies across the world. Even at its lowest value, Bitcoin tops in the price list of cryptocurrencies. After trading at over $65,000 last year, the value of the cryptocurrency plummeted massively after the market crash. The market crash that occurred in May 2o22, swept away at least 70% of the value of the cryptocurrency. The plummeting value of Bitcoin, further impacted the market, prolonging the crash by many more months.

Before the market crash happened, Bitcoin, underwent a rally, which made sure it recorded its highest value in the past two years. In November 2021, Bitcoin was trading at a price close to $70K, which was the highest the cryptocurrency had recorded in the last two years. After undergoing such a rally, the cryptocurrency’s crash did impact the investors and the market massively. Many experts started giving their opinion about Bitcoin. While some supported bitcoin’s case by saying it will rise again, there were few that bluntly rejected to the idea of Bitcoin’s resurgence.

Peter Schiff predicts Bitcoin’s Future

Despite dismissing its recent short-term gains, economist and Bitcoin (BTC) sceptic Peter Schiff has continued to criticize the asset, pointing out that it’s a chance for investors to sell and quit the market.

On August 11, Schiff said in an interview with Kitco News that Bitcoin will probably decline further to $10,000 and won’t likely reach another high comparable to the rise in 2021.

 

Future of Cryptocurrency
Credits: The Economic Times

Cryptocurrency’s future

Different experts in the industry have different opinions about the crypto industry as a whole. Some believe that the cryptocurrency movement will revolutionize the financial sector, while some of them believe that, cryptocurrency is going to alter the financial sector in the unwanted direction. But as far as the crypto industry itself is concerned, many crypto institutions such as FTX are trying their best to revive the market and change the trend from bearish to bullish.

The future of the industry solely depends on the volatile nature of the market and also the regulatory frame work that the regulatory bodies build to support the market. If the framework doesn’t serve the market, then the market is sure to drown, according to me.