Economist Peter Schiff suggested that the bitcoin rate will not be able to recover, even when other financial assets that suffered during the crisis show growth.
Cryptocurrency skeptic Peter Schiff took to Twitter to share his thoughts on the prospects for Bitcoin. He believes that the first cryptocurrency will no longer be able to return to its previous level. The economist also questioned the scarcity of bitcoin. He believes that despite the limited supply of BTC at 21 million coins, it cannot be called the most desirable asset in the world.
“Bitcoin is not a financial asset. This is a collectible digital token. As long as people are stupid enough to buy bitcoin, its value will rise. There are a lot of fools in the world, but unfortunately there are few left for bitcoin holders who want to buy this cryptocurrency. The bitcoin bubble has already burst and collectors will sell it no matter what happens in the financial market,” wrote Schiff.
Many major players in the industry are hoping that governments will regulate the industry more strictly, and this will help its development. However, Schiff noted that the very idea of regulating cryptocurrencies contradicts the concept of Bitcoin, which was conceived as a free alternative to a corrupt state monetary system.
The founder of Schiffgold is considered to be a supporter of investments in gold and precious metals, therefore he is always skeptical about cryptocurrencies. After the collapse of the FTX exchange, Schiff suggested that the cryptocurrency market should prepare for a massive fall, and the Bitcoin price could drop below $10,000.
Source: Bits
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