Bitcoin Falling Below $10k Won’t See New Highs Again – Peter Schiff
Bitcoin is unlikely to make new highs above $69,000 again, and in fact will continue to fall to $10,000 and below, according to Peter Schiff, market strategist at Euro Pacific Asset Management.
Calling it a “sucker rally,” Schiff told Kitco News Anchor David Lin that the rally in crypto markets, including Ethereum’s 70% gains since the beginning of July, is not sustainable.
“The market is going to plunge. I think people should take advantage of the rally they’ve got right now and get out. A lot of people are still making profits on these tokens. People bought Bitcoin four, five, six years ago and they have great profit. Same with Ethereum. People should get out because otherwise the market is going to take that profit,” he said.
Schiff doubled down on his previous claims that the crypto market is in a “bubble”, despite Bitcoin already falling 65% from its highs.
“At the end of the day, the only people who are going to walk away from this crypto bubble with something to show for it are the ones who sold,” he said.
Schiff said the selloff in crypto markets this year reflected a massive “pump and dump.”
“You had celebrities, whether it was athletes or entertainers, signing up to promote this coin or that coin out there to their Instagram followers or whatever. It was a massive pump, but people overlook the dump,” he said .
Micro strategy
Schiff tweeted on August 3, 2022 that “On @CNBC, @saylor boasted that MSTR’s investment in #Bitcoin was ‘a screaming home for shareholders.'” $MSTR is currently down about $1 billion on its Bitcoin investment. If Saylor considers the huge the loss as a screaming home run, I would hate to see what he considers a strike out.”
“I think that’s really ridiculous [Michael Saylor, CEO of MicroStrategy] he still maintains that this investment was a success. What he does is he looks back at what Bitcoin was when they bought the first Bitcoin. It’s like well, we make money on our first purchase, but you can’t choose your first purchase, what about all the other purchases that were higher up? You can’t do that, you have to look at the big picture and add up all your purchases. Are you in front or behind? And they are far behind, he said.
Schiff said MicroStrategy stock is “overvalued.”
“Eventually the price of MicroStrategy stock is going to crash and it’s going to be way below where it was when they first started buying Bitcoin,” he said.
For more information on the current Bitcoin bubble, watch the video above.
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