a tight bitcoin Known for being his enemy, Peter Schiff is the world’s greatest cryptocurrency He made some unconventional comments about it.
Schiff Criticizes BTC Again
Evaluating the partial increase in the BTC price today, Schiff, this time, associated BTC with the decrease in the stock price of the cryptocurrency exchange Coinbase:
“Although the Bitcoin price has shown a small rise today, Coinbase stocks continue to bottom with 4.5% loss today. Coinbase shares have thus lost 65% from their peak last year. This is bad news for cryptocurrencies. So how long will the bulls be able to prevent the BTC price from collapsing?”
Here Is The Scenario That Could Raise The Price Of Bitcoin According To Peter Schiff
for #Bitcoin to go up the NASDAQ must go up and #gold must go down. For that to happen the #Fed must succeed in bringing #inflation down to 2% without harming the economy, which requires minimal rate hikes and big cuts to government spending. But in that scenario why own Bitcoin?
— Peter Schiff (@PeterSchiff) March 14, 2022
In addition, Peter Schiff also commented on how the BTC price can rise in a financial environment:
“For the Bitcoin price to rise, the NASDAQ must rise and the gold price must fall. In order for all this to happen, the Fed needs to bring inflation down to 2% without harming the economy. For inflation to reach this stage, minimal interest rate increases and major restrictions on government spending are required. So who would want to own BTC in this scenario?”
“BTC Investors Could Be The Next Victim”
Peter Schiff concluded with a caveat:
“In case you haven’t noticed, meme stocks are going down massively. GameStop shares are down 15% today and are trading at $79. This represents an 83% drop from last year’s peak price. AMC, on the other hand, is down 5.5% today and is trading 80% lower than its 2021 peak. BTC investors beware, you may be the next victim.”
*Not investment advice.