25 Apr

American economist and gold bug Peter Schiff has interpreted the fact that the majority of the assets in the cryptocurrency industry are losing money as a sign that Bitcoin (BTC) is headed for collapse, issuing a particularly grim warning to owners of spot BTC exchange-traded funds (ETFs).

According to an April 25 X post by Schiff, he has specifically watched the present price behavior of the main decentralized finance (DeFi) asset and has stated that "it's not looking good" and that "HODLers" would be better off hoping that Bitcoin can hold $60,000 or that "it's a long way down."

Simultaneously, he contended that while the decline might not come as a huge surprise to seasoned investors, Bitcoin ETF owners, or "newbies," as he dubbed them, would be unpleasantly surprised. As he made clear:

Hard-core Bitcoin users are all accustomed to large drops. However, the new owners of the ETFs are about to have a harsh awakening.

Schiff Projected Bitcoin Price relative. Gold

Before, Schiff stated that he didn't think Bitcoin would hold up and that it was probably just starting another decline with "support at $60,000." However, he contended that the recent decline in his preferred asset, gold, was "probably over" and that "$2,300 looks like the  new $2,000,” with resistance above $2,400. 

Recall that the popular economy expert has a reputation for being a harsh critic of Bitcoin. She has frequently expressed opinions that the cryptocurrency is a "failure," questioned its suitability as a safe haven investment, and predicted a "catastrophic crash" as a result of more Bitcoin being invested in exchange-traded funds (ETFs).

According to the most recent chart data, the largest asset in the cryptocurrency market was trading at $63,839 at the time of publication, indicating a fall of 3.94% on the day, an advance of 4.22% over the course of the week, and a loss of 9.34% in value over the previous month.

April 2024, Cryptoniteuae

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