• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Peter Schiff
Nexo

Peter Schiff Warns ‘Don’t Buy The Dip’ As Bitcoin Crashes On Recession Fears

Jet Encila by Jet Encila
2 months ago
in Bitcoin, Crypto News
0
Advertisement

Economist Peter Schiff – the favorite opponent of bitcoin evangelists on social media – has again sounded his trumpet of doom for cryptocurrency, particularly Bitcoin and Ether.

According to the gold bug, selling bitcoin to pay the bills is necessary “As the recession continues, conditions will only deteriorate.” The guy predicts an economic collapse and asserts that bitcoin will plummet to $20,000 while Ether will fall to $1,000.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

As soon as the U.S. published its inflation figures for May 2022, with the Consumer Price Index fixed at 8.6 percent, the cryptocurrency market came under more pressure. The cryptocurrency market as a whole is in the red on Monday, falling 5 percent.

Suggested Reading | Ripple Notches Another Win As Court Thumbs Down SEC Motion To Seal

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Peter Schiff has never been a believer of crypto (CNBC).

Peter Schiff: Pessimistic Analysis For Bitcoin

The chief economist and main strategist at Euro Pacific Capital, as well as the inventor of Schiffgold, has issued a pessimistic prognosis for the cryptocurrency sector as a whole. On Saturday, he sent out the following tweet:

“Bitcoin is destined to fall to $20,000 and Ethereum to $1,000… Don’t buy this dip. You’ll lose a lot more money.”

Bitcoin, the largest cryptocurrency in the world, is trading 4.4 percent lower at $27,409 with a market worth of $521 billion as of press time. As the likelihood of a U.S. recession grows, so does the pressure to sell cryptocurrencies.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Peter Schiff stated on May 8 to his more than 708,000 Twitter followers:

“If #Bitcoin breaks firmly below $30,000, it seems likely that it will drop below $10,000.”

That means, according to the “Bitcoin Prophet of Doom,” Bitcoin owners must now make a crucial decision. “What will you do? You should decide now so that you do not panic and make a hasty decision in the heat of the moment.”

BTC total market cap at $457 billion on the daily chart | Source: TradingView.com

The Detractor And His Dire Prediction For Crypto

Peter Schiff elaborated on his gloomy forecast, noting in many tweets on Sunday that food and energy prices are growing and “many bitcoin holders will be compelled to sell in order to afford the expenses. Gas stations and grocery stores do not take bitcoin.”

Investors broadly anticipate that the U.S. central bank will raise interest rates by a half percentage point later this week in a continuous effort to combat inflation.

Suggested Reading | Fashion Company Farfetch Joins Other Luxury Giants In Crypto Payment Adoption

For their part, the central banks of Australia and Canada raised their rates by up to 50 basis points last week, while the European Central Bank announced that it would conclude its asset purchase program and begin rate hikes later this summer.

Interestingly enough, traditional hedge funds, despite the aforementioned negative price movements, continue to pump money into the market, according to a recent article.

Featured image from Blogtienao, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jet Encila

Jet Encila

Freelance writing is Jet's other cup of tea. When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.

Related Posts

Crypto

After Zipmex, Crypto Lender Hodlnaut Files For Creditor Protection

10 hours ago
Chainalysis: Almost $2 Billion Have Gone To Crypto Hacks This Year

Chainalysis: Almost $2 Billion Have Gone To Crypto Hacks This Year

14 hours ago
FOMC, Bitcoin, crypto BTCUSD, BTCUSDT

Why The U.S. Fed Will Require Banks To Report Crypto-Related Activity

14 hours ago
Crypto.com

Crypto Exchange Crypto.com Signs Undertaking With Canada’s OSC

18 hours ago
Crypto

Crypto Exchange Zipmex Granted Three Month Creditor Protection From Singapore Court

1 day ago
Anthony Scaramucci

Here’s Why Scaramucci Expects Bitcoin Price To Reach $300,000 Before 2030

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.