Peter Schiff, an established financial expert and critic of Bitcoin, recently wrote about what he thinks about the state of the most popular digital currency in the world right now. Schiff says that even though the price of BTC has been going down lately, it very likely will not fall any lower. The main reason for this is that people who are buying Bitcoin ETFs are still strong and do not exhibit any signs of fear yet.
Schiff talked about what significant investors in Bitcoin ETFs have done, which shows that these prominent individuals have stuck with their plans even though BTC price has dropped below $60,000 in the last few days.
As you can see from CoinMarketCap, Bitcoin’s price has gone up a lot lately. In the past 24 hours, it went from $53,900 to $56,536.78—an increase of 3.73%. A lot of people think that this rise is because the German government sent 1,300 BTC, which is about $75.53 million, to sites like Bitstamp, Kraken, and Coinbase.
Bitcoin’s Potential Price Decline
Schiff’s study shows that BTC price would have to drop a lot for these major shareholders to start selling their shares. This could make Bitcoin’s downside even worse.
If a lot of people who own Bitcoin ETFs sell their shares, which Schiff thinks could happen this weekend, this could happen as soon as next week.
A picture that Schiff just showed showed that he thinks BTC could lose up to 60% of its value. Some people who watch the market are not sure about Schiff’s predictions because they say BTC would drop so much below $30,000 if they come true.
Schiff has never been positive about BTC . His critics say this is because he is usually not sure about digital currencies. Schiff has warned Bitcoin ETF buyers, though, saying that the fact that the asset did more severe than gold in the second quarter could mean that more losses are on the way.
