Peter Schiff, CEO of pro-gold and anti-crypto Euro Pacific Capital, is back with bearish warnings against the crypto market after the overnight crash. Schiff warned investors of the upcoming Bitcoin crashes. He claimed that once BTC drops below $42,000, it will soon drop to $30,000 and furthermore, there will be a steep drop to $15,000.
if #Bitcoin breaks $42K it’s headed to $30K. If it breaks $30K it it could crash to $15k. All this might happen very soon. If you’ve borrowed money against your Bitcoin you had better sell enough Bitcoin now to repay your debt rather than be liquidated later at much lower prices.
— Peter Schiff (@PeterSchiff) January 5, 2022
Additionally, Schiff advised investors with underlying debt against their BTC to start selling before it’s too late. “You better sell enough Bitcoin now to pay off your debt instead of being liquidated at much lower prices later,” he said.
Schiff’s comments came at a time when the crypto market had already witnessed a fairly long-running decline and was further impacted by another overnight collapse. Bitcoin is down 7.32 percent in just the last 24 hours and is hovering around $42,000 with a market cap of just over $800 billion. The leading cryptocurrency BTC has also pulled other coins down significantly, recording the first major crash of 2022.
Schiff vs Kiyosaki consider Bitcoin crash
It’s not the first time that Schiff has warned investors of Bitcoin’s waning dominance. According to his interview in the last week of 2021, Schiff stated that instead of the ever-increasing amount of altcoins in the market, Bitcoin lost the “first mover competitor advantage”.
“With over 16,000 alternative cryptos to choose from, Bitcoin’s market dominance is now below 40% for the first time since June 2018. With almost the same features, easily generated unlimited crypto resources, Bitcoin loses its first mover competitive advantage.”
However, ‘Rich Dad Poor Dad’ author and eminent industry actor Robert Kiyosaki may disagree. Kiyosaki also predicted the upcoming big crash for Bitcoin, Gold, silver and real estate in December. However, he blamed “Fake Inflation” as the reasoning, noting that when false inflation fell, the market would rise again. He also recommended that dips should be treated as an investment opportunity.
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.