Leading crypto Bitcoin (BTC) is struggling in a bear market around $20,000. However, every upside move is short-lived and slides down again. Bitcoin bulls are, in a way, living the fate of Sisyphus. A crypto skeptic, who takes advantage of this situation, prophesies doom for Bitcoin.
According to Peter Schiff, there is no hope for Bitcoin!
The gold beetle, billionaire Peter Schiff, suggests that the leading crypto is poised for a prolonged collapse even as it appears to be consolidating around $20,000. cryptocoin.comAs you follow, Bitcoin managed to recover slightly after falling to $18,000. It even went over $20,000. Therefore, part of the market believes that the price action is part of the recovery. However, according to Schiff, this is based on a false sense of trust. Gold bug and anti-Bitcoin Schiff comments:
Bitcoin has followed a sideways trend since it dropped below $20,000. However, it did not recover. There’s a lot of sales around $20,000. There are still some people trying to buy at that level. So there’s a kind of war between people trying to buy it for just under $20,000 and people trying to sell it for just over $20,000. However, don’t let that get you into a false sense of confidence!
Doomsday prophecy: “BTC will hit $5,000”
However, the billionaire investor claims that Bitcoin is on its way to zero. Therefore, he notes that investors should not see it as a hope despite the consolidation. Schiff suggests that Bitcoin will likely go to $10,000 and then $5,000. Schiff continues to characterize the asset as a scam. For this reason, he says that institutions are no longer entering Bitcoin. He explains his views as follows:
However, the bottom will fall below this market. Because it temporarily stopped falling. You know, that’s what bear markets do. They kind of trap you there. They’re trying to give you false hope that the bottoms are coming. Then we take another big step and, you know, maybe we’re going to spend a lot of time around $10,000.
Is Bitcoin really a store of value?
As you know, Bitcoin reached an all-time high in November last year with approximately $69,000. However, 2022 has not been very auspicious for Bitcoin. High inflation has become the problem of the whole world. Central banks, which wanted to control inflation, started to increase interest rates, especially the Fed. With the Fed starting to tighten, BTC saw sharp drops. That’s why Peter Schiff questions BTC’s status as a store of value. It invites investors to prefer other assets such as gold and dollars.
The gold bug, meanwhile, describes Bitcoin’s biggest winners as sellers and buyers as losers. Previously, Schiff challenged Bitcoin holders to sell the asset after temporarily winning in what he called a “sucker rally”.
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