The economist and gold enthusiast Peter Schiff has clarified that he firmly believes that bitcoin will reach zero since it began to decline from its all-time high last year. Following the fall of FTX, Schiff has strengthened his conviction and has taken full advantage of every opportunity to bet big on bitcoin. Assuming a spring thaw is imminent, Schiff said on Twitter on Monday that the current situation is “not a crypto winter” or “crypto ice age.” Schiff is adamant that the price of bitcoin won’t increase again and predicts a “crypto extinction” this time.
Peter Schiff Expects a Crypto Extinction Rather Than a Thawing Crypto Winter
Since the FTX collapse last week, Peter Schiff has criticized bitcoin (BTC) much more frequently. On Monday, Schiff revealed that he would give a keynote address at the Dubai Precious Metals Conference (DPMC) from November 21–22.
According to a tweet from Schiff, [Microstrategy’s Michael Saylor] gave the keynote address the previous year. He advised the crowd to sell all of their gold and purchase bitcoin. Gold was trading close to $1,850 on the day he spoke, while Bitcoin was trading above $60,000. Gold has fallen 4%, and Bitcoin has fallen 73% since then.
The financial analyst and author “will examine the end of dollar hegemony, the death of bitcoin, and the worldwide remonetization of gold,” according to the DPMC schedule. Before announcing he will be at the DPMC, Schiff blasted Tom Brady, the Super Bowl champion, for his affiliation with FTX.
The rest of you [hodlers] should follow Tom Brady and stop staring at your Twitter profiles’ laser beams now that bitcoin is far below the $100K mark. According to Schiff, if he didn’t learn from his error, Tom Brady wouldn’t be the GOAT.
According to Schiff, the crypto economy was the first to collapse since the United States. The Federal Reserve launched the quantitative tightening cycle. The “weakest link in the risk chain, having the most leverage and least genuine value,” in Schiff’s words, is the cryptocurrency market.
Schiff also recently remarked that he disagreed with Shark Tank star Kevin O’Leary, aka Mr. Wonderful when O’Leary said he was “about to travel to Washington” because he wanted crypto regulation now. Schiff emphasized that now that the network had a broken link, “the chain is weaker and more likely to fail.”
In reaction to O’Leary’s comments, Schiff said, “I disagree with [Kevin O’Leary]. More gov. The answer is not regulation. Investors should conduct more due diligence and refrain from irrationally jumping on speculative [bandwagons] as a result of FTX. Additionally, we require stable currency with interest rates established by open markets rather than central banks.
Schiff Believes the Crypto Rally Will ‘Never Be Repeated — Bitcoin Mania Is Over
The gold bug further emphasized that the crypto rally will “never be repeated — bitcoin mania is over” on the anniversary of bitcoin’s all-time high five days ago. On Monday, Schiff talked about the crypto winter and told his 866,700 Twitter followers that this current crypto downturn is not a crypto winter.
This is not a crypto winter, according to Schiff. “That suggests the arrival of spring. Additionally, this is not a crypto-ice age, as even that ended after a few million years. This is the end of crypto. However, blockchain will endure. According to Schiff, gold will resurge to lead a new generation of asset-backed cryptos.
After the economist called this a “crypto extinction,” his statement was ridiculed, and one person dunked on Schiff’s now-defunct bank in Puerto Rico. Peter, how’s your bank doing? the individual enquired. However, in response to the criticism, Schiff stated: “The market will kill bitcoin. It would have been fantastic, but [the] government and the media murdered it.”
What do you think about Peter Schiff’s claims that this time around, the crypto economy’s downturn signals a “crypto extinction” rather than a “crypto winter”? Let us know your thoughts about this subject in the comments section below.