The well-known cryptocurrency skeptic and supporter of investing in gold, Peter Schiff, once again gloats over the decline in the bitcoin rate and predicts the imminent end of the “cryptocurrency bubble”.
In a new post, Schiff stated that there are too many altcoins on the market, and soon the supply will exceed demand so much that the entire cryptocurrency market will “burst”. This can happen, according to him, at any moment, and the course will collapse within a few hours.
“Now there are more than 12,000 tokens on the cryptocurrency market, and 84 of them have a capitalization of over $ 1 billion. There is nothing special about bitcoin. The mass of altcoins continues to grow and will remain so until the moment when the cryptocurrency bubble bursts. The offer will be so significant that prices will collapse almost overnight “, – wrote
Chairman of SchiffGold.
Note that on September 20, the cryptocurrency market recorded a significant decrease in capitalization. The bitcoin rate fell to $ 40,000, however, the “bears” could not overcome this support and now BTC is trading at $ 43,500. Analysts attribute this to the crisis in the construction industry in China, including the possible bankruptcy of the largest developer of the Celestial Empire, Evergrande Group.
In August, Schiff admitted that he regretted missing out on the chance to buy bitcoins in 2011. Then he said that the rate of the first cryptocurrency could reach $ 100,000, but he is still skeptical about BTC.
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.