Peter Schiff insists that this is not a “cryptographic winter”, but rather a “cryptographic extinction”

Now that FTX has collapsed, Schiff has doubled down on his conviction and hasn’t lost an opportunity to pounce on bitcoin in the chaos. On Monday, Schiff stated on Twitter that currently, it is “neither a crypto winter“nor a “cryptographic ice age“, as this implies a spring thaw to come. Schiff insists that the bitcoin price is not going to bounce back and that this time around, he thinks we’ll see a “crypto extinction“.

Peter Schiff expects an extinction of crypto-currencies rather than a thawing of the crypto-currency winter.

Peter Schiff has been critical of crypto these days since the FTX collapse last week. Peter Schiff said Monday that he was scheduled to present at the Dubai Precious Metals Conference (DPMC) on Nov. 21-22.

Last year the keynote was delivered by @saylor. He told the audience to sell all their #gold and buy #Bitcoin. On the day he spoke Bitcoin traded above $60K while gold was trading near $1,850. Since then gold is down 4% and Bitcoin is down 73%. https://t.co/CFTkrNXEwT

– Peter Schiff (@PeterSchiff) November 15, 2022

“Last year’s keynote address was given by Michael Saylor” said Schiff in a tweet. “He told the public to sell all their gold and buy bitcoin. The day he spoke, bitcoin was trading above $60K, while gold was trading near $1850. Since then, gold is down 4% and bitcoin is down 73%.“

The DPMC Calendar site states that “the financial expert and author will discuss the end of dollar hegemony, the demise of bitcoin, and the global remonetization of gold.“Before revealing that he was participating in the DPMC, Peter Schiff criticized Super Bowl champion Tom Brady’s association with FTX.

“With bitcoin so far below the $100K goal, I think it’s time for the rest of you to follow Tom Brady and take the laser beams out of your eyes on your Twitter profiles. Tom Brady wouldn’t be the GOAT if he didn’t learn from his mistake,” said Peter Schiff

With #Bitcoin so far below the $100K target, I think its about time that the rest of you #HODLers follow @tombrady and remove the laser beams from your eyes on your #Twitter profiles? Tom Brady wouldn’t be the GOAT if he didn’t learn from his mistake.

– Peter Schiff (@PeterSchiff) November 14, 2022

Peter Schiff has added that the crypto economy was the first to break since the U.S. Federal Reserve began the quantitative tightening cycle. According to Schiff, crypto-currencies are just the “weak link in the risk chain, having the most leverage and the least real value.“

Crypto may have been the first thing that broke during this tightening cycle, but it won’t be the last. #Crypto was just the weakest link in the risk chain, having the most leverage and least real value. With a broken link the rest of the chain is weaker and more likely to fail.

– Peter Schiff (@PeterSchiff) November 14, 2022

Peter Schiff insisted that now that the chain has a broken link, “the chain is weaker and more likely to fail.” Schiff also recently noted that he disagreed with Shark Tank star Kevin O’Leary, aka Mr. Wonderful, when O’Leary said he was “going to fly to Washington” because he wants crypto regulation now.

I disagree with @kevinolearytv. More Govt. regulation is not the solution. The lesson of #FTX is for investors to do better due diligence and not just foolishly jump on speculative band wagons. Also, we need sound money with interest rates set by free markets, not central banks.

– Peter Schiff (@PeterSchiff) November 12, 2022

“I do not agree with [Kevin O’Leary],“Schiff responded to in response to O’Leary’s statements. “More government regulation is not the answer. The lesson of the FTX case is that investors need to do better due diligence and not foolishly engage in speculative trading. Also, we need a sound currency with interest rates set by free markets, not by central banks.“

Peter Schiff believes the crypto-currency rally will never be repeated – the bitcoin craze is over.

On the anniversary of bitcoin’s record price five days ago, Peter Schiff noted That the entire cryptographic rally last year “was a fraud“. The gold digger further noted that the crypto-currency rally “will never be repeated – bitcoin mania is over.“On Monday, Schiff talked about crypto winter and told his 866,700 Twitter followers that the current crypto downturn is not crypto winter.

A year ago #Bitcoin hit $69,000. One of the main reason for the spectacular rally was all the leverage that funded unprecedented #crypto advertising and speculative buying. The #FTX bankruptcy proves the entire rally was a fraud. It will never be repeated. Bitcoin mania is over.

– Peter Schiff (@PeterSchiff) November 11, 2022

“This is not a cryptographic winter“, said Peter Schiff. He went on to writes. “This implies that spring is coming. This is not a crypto-ice age either, because even that ended after a few million years. It is an extinction of crypto-currency. But blockchain will live on. Gold will rise again to lead a new breed of asset-backed cryptos“.

This is not a #crypto winter. That implies spring is coming. This is also not a crypto ice age, as even that came to an end after a couple of million years. This is crypto extinction. But #blockchain will live on. #Gold will rise again to lead a new breed of asset-backed cryptos.

– Peter Schiff (@PeterSchiff) November 14, 2022