Cryptocurrency investors have been going through a tough time lately, and it looks like this ups and downs is not over yet. In a tweet, finance commentator Peter Schiff warned that if 2022 is considered a bad year for Bitcoin, 2023 could be even worse.
Despite the massive collapse in Bitcoin’s value this year, many investors remain optimistic that the world’s largest cryptocurrency will soon recover and reach new heights.
Peter Schiff Claims $5,000 For Bitcoin Price
But Schiff wonders if Bitcoin’s further decline in value, even below $5,000, in 2023 will be enough to shake the faith of even the most loyal “HODLers” (a term used to describe long-term crypto investors):
“If crypto investors think 2022 is a bad year, let them wait until they see 2023. Despite the 65% crash this year, loyal investors remain optimistic that Bitcoin will soon reach new highs. I wonder if BTC falling below $5,000 in 2023 will be enough to shake the confidence of HODLers?”
if #crypto investors think 2022 was a bad year wait until they get a load of 2023. Despite this year’s 65% collapse, the faithful remain optimistic that #Bitcoin will soon moon to new highs. I wonder if a 2023 Bitcoin plunge below $5K will be enough to shake #HODLs confidence.
— Peter Schiff (@PeterSchiff) December 30, 2022
It should be noted that Schiff has long been critical of Bitcoin and other cryptocurrencies and has made several predictions in the past that did not come true. Schiff’s warning, however, is a reminder of the volatility and risk inherent in the cryptocurrency market.
Investors should always be cautious and do their own research before making any investment decisions, especially in a volatile market like cryptocurrencies. It is also important to note that cryptocurrencies are not regulated like traditional financial assets and do not offer the same level of protection in case of loss.
Overall, as the future of Bitcoin and other cryptocurrencies remains uncertain, it’s crucial for investors to be cautious and prepared for potential ups and downs.
*Not investment advice.
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