SchiffGold chairman, economist and investor Peter Schiff said in a statement on Twitter. Bitcoin (BTC) and cryptocurrency He commented on the current decline in the market, claiming that there will be a big wave of sales in the crypto money and Bitcoin market, and there may be a collapse in Blockchain connected stocks.
Bitcoin, which has lost 9.21% in the last 24 hours, is trading at $ 35,850 at the time of this writing.
“Bitcoin and Blockchain-Linked Stocks Collapse”
Schiff said that he believes that the Bitcoin and cryptocurrency market is currently collapsing, dragging Blockchain-related companies down with it.
Schiff claimed that with the decline in the cryptocurrency market and blockchain companies, individual crypto investors will be able to sell their assets to pay their rising bills.
#Bitcoin, #crypto& #blockchain related stocks are getting decimated. Many of these companies will go bankrupt as the entire industry is exposed as malinvestment. Mass layoffs will result in mass selling of crypto as unemployed workers raise cash to pay soaring household bills.
— Peter Schiff (@PeterSchiff) May 5, 2022
Peter Schiff also commented on the excessive amount of new coins being released. As it is known, the number of altcoins in the market has exceeded 19,316. Schiff believes that the supply of cryptocurrencies will eventually exceed the overall market cap.
Schiff Claims BTC Price Will Drop Below $30,000
In his statement in early January, Peter Schiff claimed that the world’s largest cryptocurrency is likely to fall below $30,000. At that time, the Bitcoin price was around $35,000.
With the FED’s half basis point increase in interest rates, US technology stocks and the BTC price experienced a great decline a short time ago. Risk-averse investors are thought to have lowered the BTC price.
*Not investment advice.