Peter Schiff, one of Bitcoin’s biggest critics, urged crypto owners to sell their BTC holdings before it’s too late.
In an interview with Kitco News, Schiff described Bitcoin enthusiasts as “people living in their own bubbles and delusions.” He also stated that Bitcoin may never reach its all-time high again and fall below or even below $10,000.
Speaking to Kitco’s David Lin, Schiff said:
“I think Bitcoin hit its highest level at $69,000. The next big move for Bitcoin will be the $10,000 bottom. People paid $50,000 to $60,000 for Bitcoin. Now they are in losses of $23,000 – $24,000.”
Schiff said that there is still a pending margin call for Bitcoin. A margin call occurs when an investor’s amount of assets held as collateral falls below the minimum value. According to Schiff, investors will have to sell their BTC after receiving this call, which will cause prices to drop.
“The market will bottom out. I think people should take advantage of this moment and get out. Many people are still making profits from these tokens. People bought Bitcoin four, five and six years ago and they have huge profits. Same thing with Ethereum. People should go out because otherwise the market will take away those profits.”
On the other hand, in 2021, the cryptocurrency space was a hot topic due to numerous advertisements in traditional media, celebrities supporting different currencies, the NFT craze, promotional conferences and the legalization of Bitcoin in both countries. Schiff argues that this is all a pump and dump scheme.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.