Famous bitcoin critic and gold advocate. Peter Schiff believes that bitcoin is still too overvalued and should reach values well below $ 10,000, and that the dangerous threshold of $ 5,000 is hardly a fair price, according to the economist.
According to Peter Schiff, bitcoin has a much greater downside risk than the 70%. After the drop from $69,000 to around $15,000, bitcoin has not found its bottom, according to the analyst, and a further decline is a realistic possibility for which the crypto-currency market should prepare in the near future.
#Bitcoin has far more downside risk than 70%. After such a decline Bitcoin will still be way over-priced, so $5,000 will not even be close to the bottom. https://t.co/VGj6ZPuwvi
– Peter Schiff (@PeterSchiff) December 5, 2022
Despite Peter Schiff’s anti-crypto approach in his analysis, bitcoin’s market behavior has been hardly predictable in recent months. Events such as the FTX implosion and the insolvency of the industry’s largest companies have caused huge spikes in volatility that almost no one could have predicted.
The economist urged supporters to get out of the crypto-currency industry as soon as possible due to its instability, lack of regulation, and the amount of manipulation the crypto-currency market faces.
Is Peter Schiff right?
Peter Schiff has become popular among crypto-currency traders and investors thanks to his bold and often provocative predictions, based mainly on subjective assumptions and views. At the same time, Peter Schiff has brought to light real problems within the digital asset industry that are, in fact, truly disrupting its development.
One of Peter Schiff’s many concerns is the lack of intrinsic value behind Bitcoin, which remains the world’s largest crypto-currency with a market capitalization of $326 billion. Because of the lack of foundation for this asset, Peter Schiff and other analysts believe that the price of digital gold will eventually fall to zero and there will be no fuel for its recovery.
Today, bitcoin is trading at $17,000 and has shown virtually no volatility since November 30.