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- Vocal Bitcoin critic Peter Schiff has recently tweeted, presenting a situation where Bitcoin would start going up.
- He further warned the Bitcoin Holders to pay attention as they can be the next Bagholders, warning about the price crashes.
- Though the situation seemed slightly unrealistic, he lastly said, why even own Bitcoin?
A significant critic and hater of Bitcoin, Peter Schiff, has recently suggested a scenario in which the value of the crowned cryptocurrency Bitcoin (BTC) might go up.
What did the BTC critic suggest?
He took to his Twitter to suggest the situation but later highlighted the fact why even own Bitcoin. Schiff highlighted via the Tweet that in order for Bitcoin to rise, The NASDAQ index should go up, and gold should witness a price drop.
Following this, he added that the US Fed needs to succeed in bringing the inflation rate down to 2% without harming the economy, and that requires minimal rate hikes with the government taking down their expenses on a high level. However, he further added that in that case, why own Bitcoin. And he might be referring to this because the situation would be good enough anyway, and the need to hold Bitcoin won’t be there.
The American stock Broker often Tweets his opinions about Bitcoin and the related entities. And after this Tweet, he further tweeted about the meme stocks crashing, warned the Bitcoin holders to be the next bagholders, and warned about another price crash that he expects soon.
He gave an example of GameStop, which has been dropping 15% today, and that of AMC being down by 5.5% today.
Peter Schiff is an American stockbroker and is the Chairman of SchiffGold. He is pretty vocal about Bitcoin bear. Apparently, he lost his Bitcoin wallet in June 2020 because it got corrupted and cited bitcoin to be a bad idea.
Bitcoin has been swinging around $37,000 and $42,000 lately. Currently, the dominant cryptocurrency by market cap is trading at $38,658.
The currency is seeing such fluctuations for several reasons like the Russia-Ukraine war, the EU’s thoughts about the PoW model and then later voting against banning it, and the recent Biden’s crypto executive order. It is to see how the crypto market performs in the near future and what all reasons further affect the prices.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
