Peter Schiff says bitcoin still has a long way to fall after the collapse of FTX. He added that $10K is the real price of $BTC. crypto cryptocurrency
Economist and gold bug Peter Schiff says bitcoin still has a long way to fall after the collapse of crypto exchange FTX. He also believes that $10K is the real price of bitcoin, warning that “The lion’s share of the selling has not even started yet.”Gold bug and economist Peter Schiff has warned in a series of tweets about the price of bitcoin falling a long way from its current level.
He began by referencing the forecast he made in June that the need to sell bitcoin to pay bills will only get worse as the recession deepens and long-termholders without paychecks are forced to sell. Noting that it did not take long for his prediction to come true, Schiff tweeted Wednesday:He added in a follow-up tweet: “I’ve been warning for years that all the people who made money in crypto will be sued by all the people who lost money in crypto. So lawyer up pumpers.
Commenting on the collapsed crypto exchange FTX and former CEO Sam Bankman-Fried , Schiff wrote: “I never looked into SBF as I never even considered investing in FTX. But had I done ten minutes of due diligence the red flags would have been obvious.” He elaborated: That many in crypto were so easily duped by an obvious conman calls into question their judgment on everything crypto.Schiff also shared his thoughts on the recent performance of Grayscale’s bitcoin trust and its relation to the price of bitcoin. The bitcoin skeptic wrote Friday:
Based on GBTC’s 43% discount to NAV, bitcoin is already trading well below $10K. I think this is the real price of bitcoin, as when you sell GBTC you get paid real cash. But when you sell“GBTC is trading at a 46% discount now. New record. Something is definitely going on. Bitcoin is in real trouble. Get out while you can!” the gold bug added. At the time of writing,
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