Crypto market crash is imminent, says financial expert
The future of bitcoin is being questioned by Peter Schiff, a prominent financial commentator and CEO of Euro Pacific Capital. In a recent tweet, he predicted that the institutional use of cryptocurrency would soon come to a halt.
A well-known American stockbroker and radio personality, Schiff has been a vocal critic of Bitcoin and other cryptocurrencies. He has repeatedly claimed that the alpha coin is a bubble that will eventually burst and that investors who buy it are foolish.
He has also warned investors to prepare for the next potential crash. This dire prediction has many in the cryptocurrency community questioning the future of Bitcoin.
Peter Schiff skeptical of Bitcoin’s future and CNBC’s coverage
Schiff expressed his doubts about the long-term viability of Bitcoin. He has warned investors about the potential for a cryptocurrency crash and claimed that excitement around BTC’s underlying technology has subsided.
In addition, Schiff has taken issue with CNBC’s interview of Mike Novogratz, CEO of Galaxy Digital and a noted Bitcoin advocate. On TwitterSchiff said the network failed to ask Novogratz tough questions and instead showed bias against cryptocurrencies.
The #Bitcoin pumps on @CNBC throws nothing but softballs to @novogratzwhich basically admitted that the entire Bitcoin rally was driven by existing #HODLers buy more. Institutional adoption is over. The #blockchain letter has run out of chain. Get ready for the next crash.
— Peter Schiff (@PeterSchiff) 11 April 2023
Schiff has argued that BTC’s recent rally is largely due to existing holders buying more, rather than institutional adoption, citing comments from Novogratz himself. According to Schiff, this is a worrying sign of the long-term potential of the crypto as an investment.
He believes this highlights the limitations of Bitcoin’s adoption and suggests that the cryptocurrency may not be as valuable as some investors believe.
No absence of critics
While some investors remain bullish on Bitcoin and other cryptocurrencies, there are high-profile individuals who have expressed skepticism about their future potential. In addition to Peter Schiff, Warren Buffett, the billionaire investor and CEO of Berkshire Hathaway, has called Bitcoin “rat poison” and claimed that it has no intrinsic value.
Meanwhile, Nouriel Roubini, a prominent economist, has compared Bitcoin to a “giant speculative bubble” and predicted that it will eventually collapse.
Despite these doubts, the cryptocurrency sector has continued to grow and attract investment. However, there have also been concerns about the lack of regulatory clarity and oversight in the industry, which has led to incidents of fraud and abuse.
Bitcoin (BTC) climbs a few notches after breaching the $30,000 barrier on the daily chart at TradingView.com
To address these concerns, many countries are now working to establish regulatory frameworks for cryptocurrencies and blockchain technology. For example, the United States Securities and Exchange Commission (SEC) has taken steps to clarify its stance on cryptocurrencies and initial coin offerings (ICOs).
Meanwhile, the EU has introduced a comprehensive set of regulations known as the Fifth Anti-Money Laundering Directive (5AMLD) that requires cryptocurrency exchanges to conduct due diligence on their customers.
– Selected image from the Corporate Finance Institute
