Bitcoin price has dropped 18.7% over the past seven times. The price is currently around $35,200, down 9.19% in the last 24 hours. According to Peter Schiff, a gold expert and Bitcoin skeptic, Bitcoin has only just begun its journey to zero. Schiff stated that he expects to see the Bitcoin market enter a phase of panic selling when Bitcoin price breaks below $30,000.
According to Peter Schiff, Bitcoin is going to 0
According to Peter Schiff, CEO and global chief strategy officer of Euro Pacific Capital Inc., Bitcoin investors should brace themselves as the worst is yet to come. In a tweet, the strong gold proponent stated that the Bitcoin market crash is quite plausible so far and market participants have not started to panic selling as they are still holding. some hope. But this won’t be for long, he warned. According to Schiff, Bitcoin will see a flash crash at some point, and then all hell breaks loose.
“So far the Bitcoin drop has been very orderly. No one is panicking yet. It is sliding a slope of hope. At some point, there will be a flash problem. That’s how these drops usually end. This flash crash may not even begin until Bitcoin breaks $30K. Then take a look below! ” he say.
Contrary to what many crypto market participants say, Schiff firmly believes that there is no long-term potential for Bitcoin. “In the long run, the price will be zero,” he said, explaining why he can only consider it a speculative asset with a price and not an inflation hedge. Schiff pointed out that gold, unlike Bitcoin, maintains steady levels with even modest gains.
His criticisms of Bitcoin are also shared by crypto skeptics and gold advocates. According to Holger Zschaepitz, a German author and market expert, despite increasing inflation and rising interest rates, gold continues to show why it is an inflation hedge and Bitcoin – ‘technical gold’ number’ is not.
Look same #Yellow are fighting back. While digital gold #Bitcoin dropped 1807oz. pic.twitter.com/hjtWFvfi9Z
– Holger Zschaepitz (@Schuldensuehner) January 21, 2022
Bitcoin advocates argue that Bitcoin will prevail over gold
While Bitcoin has fallen below the expectations of market analysts. Many market predictions last year suggested that the Bitcoin price would reach at least $100,000 by the end of 2021. Failing to meet expectations, speculations turned to Bitcoin hitting its target this year. However, so far, Bitcoin is down around 25.9%, along with the stock market falling amid rising inflation and hawkish Fed news.
Bitcoin supporters remain unwavering in their belief that Bitcoin will still rise to new highs. Under Plan B, market participants can rest assured that Bitcoin will prevail in the long run and add another zero to its price tag.