Peter Schiff Predicts Bitcoin Crash To $10k, Warns HODLers To Dump Before It’s Too Late ⋆ ZyCrypto

Strong Bitcoin critic Peter Schiff has called on crypto hodlers to dump their BTC holdings before it’s too late.

Speaking to Kitco News, he described bitcoin fanatics as “living in their own bubble” and a “state of delusion”. He further predicted that Bitcoin would go below $10,000 or worse, saying that it would never regain its all-time high.

“I think Bitcoin peaked at $69,000 … the next big move for Bitcoin is going to be the low $10,000s,” Schiff told Kitco’s David Lin. “People paid $50,000-$60,000 dollars for Bitcoin, but now they have huge losses of $23,000-$24,000 dollars,”

Schiff further claimed that Bitcoin has margin calls that have yet to be made. Once made, investors will be prompted to sell, pushing prices lower, leaving devoted investors holding onto their wallets and institutions that were duped into buying Bitcoin in remorse.

“People are going to throw in the towel and the market is going to plunge…I think people should take advantage of the rally they’re having right now and get out, I think a lot of people are still making profits.” Shiff added.

In 2021, the cryptoverse was awash with huge hype flowing from a slew of mainstream media ads, celebrities signing up to promote various coins, NFT craze, promotional conferences, and two countries adopting Bitcoin as legal tender. According to Schiff, this was just a massive pump with people overlooking the landfill. “Then who was behind the ‘pump and dump scheme’?” …Those who did the hype were the ones who sold, he went on to say.

Since May, the crypto market has embarked on a bloody selloff following the Terra-induced stablecoin unbundling and the DeFi sector meltdown, with most high-flying campaigns underwater.

In June, MicroStrategy posted a loss of over $1.2 billion on its Bitcoin holdings. Last month, Tesla, another bitcoin holding company, was forced to dump 75% of its holdings. Elon Musk said he had a “super bad feeling” about the economy.

Still, despite Schiff’s warning to Bitcoin and crypto investors, he doesn’t feel good about the banks either. The money manager recently agreed to wind up its Euro Pacific Bank in Puerto Rico and return 100% of its customers’ deposits and pay a hefty fine. This comes after authorities cited “serious insolvency issues” and put the bank’s operations on hold in June. Last month, Schiff revealed that he was ready to accept Bitcoin if the authorities allowed him to sell the bank.