Peter Schiff drew attention to the fact that Bitcoin is near a critical support level, and there are no factors that would ensure an upward trend. According to the economist, the fall in the Bitcoin rate completely contradicts the opinion about the interest of institutional investors in the cryptocurrency:
“Pumpers blame the drop in the exchange rate on the MtGox exchange’s payments to investors. This is partly true, but in other respects the liquidation exposes the myth of institutional demand for bitcoins. If there was such a thing, buyers would have already jumped at the opportunity to buy MtGox bitcoins on the market.”
The drop in the value of the first cryptocurrency is one of the largest in the last few years, and a further correction in the rate is likely, the cryptospectik is sure.
Earlier, Peter Schiff criticized the Bitcoin network for its slow speed and high transaction costs, and called the coin completely unviable.
Source: Bits
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