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Peter Schiff’s Time to Shine: Bitcoin Bashing Fiesta as Price Dips to $77K
The crypto market is reeling once again, with the price of Bitcoin (BTC) taking a significant hit and dipping below the psychological barrier of $77,000. As the digital asset’s value continues to plummet, it appears that Peter Schiff has been given the green light to come out swinging against the cryptocurrency.
Schiff, an outspoken critic of Bitcoin and cryptocurrency in general, was quick to seize the opportunity, mocking those who have invested heavily in these digital assets. According to the prominent economist, many so-called crypto millionaires may soon find themselves in need of traditional employment to make ends meet.
In a series of tweets, Schiff poked fun at the idea that cryptocurrencies can be relied upon as a viable store of value or even a means of generating passive income. “Now there’s another reason to bring manufacturing back to the United States,” he quipped. “A lot of crypto millionaires are going to need jobs.”
While some may view Schiff’s comments as cruel, it is undeniable that his predictions have come true in the past. He has consistently warned against investing in Bitcoin and cryptocurrency, arguing that they are a speculative bubble waiting to burst.
However, others believe that Schiff’s timing could not be worse. According to some analysts, the recent correction in Bitcoin prices is simply part of the natural cycle of market fluctuations. They point out that corrections have occurred before in past bull cycles and that history may well repeat itself.
Not one to shy away from controversy, Schiff also took aim at Ethereum (ETH) and its spot ETFs, which have plummeted 45% since their launch last year. He predicted that the company is headed for insolvency and called on CEO Saylor to be fired.
It remains to be seen whether Schiff’s words will prove prophetic or simply serve as a reminder of his bearish stance towards cryptocurrencies. One thing is certain, however: Bitcoin investors are on edge once again, and Schiff’s comments have only added fuel to the fire.
Source: https://cryptopotato.com/peter-schiffs-time-to-shine-bitcoing-bashing-fiesta-as-price-dips-to-77k/
