TLDR
- Schiff predicts Bitcoin could fall to $70,000 or lower.
- Bitcoin has declined 30-34% against gold since August peaks.
- Diverse reactions from the crypto community follow Schiffโs warning.
Recently, prominent economist and long-time Bitcoin critic, Peter Schiff, issued a bearish warning regarding an imminent Bitcoin crash. This warning comes amid rallies in gold and silver prices. Schiff is the CEO of Euro Pacific Asset Management and has consistently dismissed cryptocurrencies as speculative bubbles since Bitcoinโs inception.
Schiff recently took to X (formerly Twitter) to predict significant losses across the crypto industry. He anticipated a wave of bankruptcies and defaults due to a looming Bitcoin and Ether crash. According to Schiff, these losses could lead to systemic risk within the sector.
Schiff Highlights Cryptocurrency Declines
Bitcoin and other cryptocurrencies, including Ethereum, have been highlighted by Schiff as vulnerable assets. Schiff pointed out that Bitcoin has experienced a 30-34% decline against gold since its peaks in August. He believes this decline could extend into December and potentially beyond.
Schiffโs analysis suggests Bitcoin could fall to $70,000 or even further within a range of $88,000-$92,000. While there is no current data from institutional or regulatory sources to confirm his predictions, Schiffโs comments have sparked discussions among investors.
Diverse Reactions From Crypto Community
The crypto community has offered various responses to Schiffโs bearish outlook. James Wynn, a crypto trader, mirrored Schiffโs warning by predicting a drop in Bitcoinโs value to the $88,000-$92,000 range within 72 hours. Additionally, Wynn suggested the potential of a U.S. stock โBlack Monday.โ
Conversely, Cameron Winklevoss, Co-Founder of Gemini, views Bitcoinโs drop below $90,000 as a buying opportunity, forecasting a different fate than Schiffโs predicted crash by 2026. Meanwhile, Jack Mallers, CEO of Strike, believes Bitcoin will likely outperform when the Federal Reserve injects liquidity.
Overview of Market and Industry Trends
As Schiffโs warnings circulate, the broader altcoin market shows little support from developer sentiment and community discussions. There are no significant updates from agencies like the SEC or CFTC or notable activity on platforms such as Reddit and Discord.
No substantial funding changes, grants, or institutional investments have emerged in response to Schiffโs claims. Currently, there is also an absence of on-chain data regarding total value locked (TVL) changes, liquidity shifts, or staking flows.
More insights and analysis about the cryptocurrency market can be found at Coingape Media.
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