Peter Schiff: Altcoin Market Will Collapse
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Euro Pacific Capital CEO and cryptocurrency critic Peter Schiff is confident that altcoin prices collapse overnight after the cryptocurrency bubble bursts, writes RBC Crypto.
There are now over 12,000 crypto tokens, 84 of which currently have market caps above $1 billion. There is nothing special about #Bitcoin. The supply of altcoins will keep growing until the crypto bubble pops. Supply will overwhelm demand and prices will implode almost overnight.
– Peter Schiff (@PeterSchiff) September 21, 2021
Schiff noted that there are currently over 12,000 cryptocurrency tokens, 84 of which have a market capitalization of more than $ 1 billion. After the supply of tokens exceeds demand, the altcoin market will collapse, Schiff explained.
Last year, Schiff argued that bitcoin can never exceed $ 20 thousand. Also, the businessman called the main cryptocurrency “a sinking ship.”
Peter Schiff is one of the most famous critics of the first cryptocurrency. In 2011, when BTC was worth about $ 1, he said that he would prefer to invest $ 10,000 in gold rather than bitcoin, since it is not known what will happen to him in a few years. During this time, the first cryptocurrency has risen in price by 4,324,900%.
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