A well-known economist and crypto critic by the name of Peter Schiff has taken to Twitter to level yet another dig on crypto. He claims that we are not experiencing a crypto winter since it would imply that spring would arrive soon. He confidently said that this is the beginning of the end for crypto.
On the other hand, he said that blockchain technology would continue to exist. Gold will soon be at the forefront of an entirely new class of asset-backed cryptocurrencies. This comes at a very troubling time for the cryptocurrency sector, since last week also saw the bankruptcy filing of the world’s once second-largest cryptocurrency platform.
In addition, Schiff recommended that BTC HODLers reflect on their past actions and remove their assets from the cryptocurrency market. According to the economist, a year ago, Bitcoin was selling for more than $60,000 while Gold was trading for close to $1,850. Since that time, the price of Gold is down 4%, while the price of Bitcoin is currently down 73% from its all-time high.
It is very evident that the prominent American broker is of the opinion that now is the appropriate moment for investors to liquidate whatever Bitcoin holdings they may have. In regards to the FTX scandal, Schiff has said that regulation from the SEC would not have been able to prevent the FTX scam.
The free market is the finest form of regulation, with one notable exception: when financial manias caused by central banks convert otherwise savvy investors into full and utter morons, he says. Currently, the price of a Bitcoin has seen a significant drop, and its worth has continued to deteriorate. According to data provided by the markets aggregator CoinGecko, Bitcoin is now trading at a price of $16851 at the time of writing.
