Peter Schiff is ready to explain why you shouldn’t hold bitcoin right now. A critic of bitcoin and crypto-currencies Peter Schiff actively pushed the story of the sale to his supporters, after Block.fi announced its inability to function as usual.
Peter Schiff also added that there is much more to come in the foreseeable future and recommended that his subscribers sell all their bitcoins if they have any left, if it is possible for them. For now, FTX is the only exchange among the top 10 that is not able to process withdrawals at full capacity.
This doesn’t look good, but it’s to be expected. Lots more to come. Sell your #Bitcoin if you can, as many people who would like to sell can’t. https://t.co/SAwrlp68lP
– Peter Schiff (@PeterSchiff) November 11, 2022
Obviously, the situation around Block.fi was caused by FTX’s insolvency. The crypto-currency lending and borrowing platform has announced a halt to withdrawals and has recommended that its customers refrain from making deposits until further notice.
However, FTX’s fall is not the only reason Peter Schiff is worried about the future of the leading crypto-currency. According to the economist, the latest CPI data release should not be seen as fuel for bitcoin or the crypto-currency market in general.
Peter Schiff’s reasoning is based on the current state of the industry, which will plunge even further during the escalating FTX situation. The Gold Swallower believes the market is too risky at this point to enter, and that the Fed’s pivot will not save it from a potential crash.
Despite Peter Schiff’s penchant for bitcoin, the release of an unexpectedly positive CPI did indeed become fuel for the stock market, with the S&P500 ending a day with 5% growth, while bitcoin was barely able to close the day in the green.
The majority of altcoins, however, showed investors double-digit gains yesterday, with some even returning to pre-FTX dumping levels.