Home » Gold Bug Peter Schiff Insists This Is ‘Not a Crypto Winter,’ Economist Says It’s More Like ‘Crypto Extinction’ – Bitcoin News

Gold Bug Peter Schiff Insists This Is ‘Not a Crypto Winter,’ Economist Says It’s More Like ‘Crypto Extinction’ – Bitcoin News

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Economist and money bug Peter Schiff confirms that everyone knows he sincerely believes the major cryptocurrency will go to zero since Bitcoin began to slide from its all-time high last year. Now that FTX has collapsed, Schiff doubled down on his beliefs and didn’t waste an opportunity to jump into Bitcoin in the midst of the chaos. On Monday, Schiff said on Twitter that this is neither a “crypto winter” nor a “crypto ice age.” Schiff argued that the price of Bitcoin will never recover, and believes we will see “cryptocurrency extinction” this time.

Peter Schiff Predicts Crypto Extinction, Not Crypto Winter Thaw

Peter Schiff criticizes Bitcoin (BTC) Since then, more recently FTX Collapse last week. Schiff detailed on Monday that he will be a keynote speaker at the Dubai Precious Metals Conference (DPMC) on November 21-22.

“Last year, the keynote speech was [Microstrategy’s Michael Saylor]”Sif murmured“He told the audience to sell all their gold and buy bitcoin. On the day he spoke, bitcoin was trading at over $60,000 and gold was trading near $1,850. Since then, gold has fallen 4% and Bitcoin has fallen 73%.”

of DPMC Schedule “Financial expert and author will discuss the end of dollar hegemony, the end of Bitcoin and the global re-monetization of gold”. Before, Schiff criticized the Super Bowl champion Tom Brady Partnership with FTX.

“As Bitcoin is well below the $100,000 target, the rest of you [hodlers] follow [Tom Brady] Remove laser beams from your eyes on your Twitter profile. If Tom Brady hadn’t learned from his mistakes, he wouldn’t have been the GOAT,” Schiff said. Said.

Schiff Added The first collapse of the crypto economy since the US Federal Reserve began its quantitative tightening cycle. In Schiff’s opinion, cryptocurrencies are “the weakest link in the risk chain, with the highest leverage and lowest real value.”

Schiff argued that broken links in the chain “make it weaker and more likely to fail.”Schiff recently also mentioned that he disagrees with the Shark Tank star Kevin O’Learyaka Mr. Wonderful, when O’Leary Said He “was going to fly to Washington” because he wants crypto regulation now.

“I disagree [Kevin O’Leary]”Sif responded In response to O’Leary’s statement. “More government. Regulation is not the solution. The lesson of FTX is that investors should do better due diligence and not just foolishly jump into speculation. [bandwagons]We also need a sound currency with interest rates set by the free market and not by a central bank. ”

Schiff believes crypto rally ‘will never be repeated — bitcoin mania is over’

Five days ago, on the anniversary of Bitcoin’s all-time high, Schiff It pointed out Last Year’s Crypto Rally Was All a Scam Goldbug further stressed that the crypto rally “will never be repeated. Bitcoin mania is over.” On Monday, Schiff spoke about crypto winter, telling his 866,700 Twitter followers that the current crypto downturn is not crypto winter.

“This is not crypto winter,” says Schiff I have written“It means spring is coming. This is also not the crypto ice age that ended millions of years later. This is the extinction of crypto. But blockchain lives on. Gold rises again.” and will lead a new kind of asset-backed crypto,” Schiff added.

The economist’s comments were heavily ridiculed after he said this was the “extinction of cryptocurrencies,” with one criticizing Schiff’s dead bank in Puerto Rico. “What about your bank Peter?” People Asked. responded told the critic: [the] The government and media killed it — the market will kill Bitcoin.”

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Bitcoin, Bitcoin (BTC), BTC rally, Central Bank, crypto assets, crypto economy, crypto extinction, crypto rally, crypto winter, Cryptocurrency, DPMC, Dubai Precious Metals Conference (DPMC), economist, Free Market, FTX Bankruptcy, FTX Collapse, FTX investor, Money, gold bug, government, Kevin O’Leary, Michael Thaler of Microstrategy, opinion, Peter Schiff, rule, Schiff, statement, Tom Brady

What are your thoughts on Peter Schiff’s claim that the current crypto economic downturn suggests a “crypto demise” rather than a “crypto winter”? Let us know what you think.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols currently emerging.

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