JAKARTA – The collapse of the crypto market in recent months has prompted experts including Peter Schiff to read the extent of the movement of the two major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
Chief Economist and strategist at Euro Pacific Capital and founder of Schiffgold recently predicted Bitcoin and Ethereum prices will fall even deeper. According to him, BTC and ETH will plummet to the price of US$20,000 and US$1,000 per coin.
“Bitcoin seems poised to drop to $20K and ethereum to $1K... Don't buy this dip. You will lose more money," he wrote in a Twitter post, Saturday 11 June 2022.
“With food and energy prices soaring, many Bitcoin Hodlers will be forced to sell to cover costs. Retail stores and gas stations don't accept bitcoins," he added on Sunday, June 12, 2022.
He further stated that the deepening recession caused Bitcoin owners to lose their jobs, especially those working in blockchain companies, due to bankruptcy.
"Should things change, long-term buyers without pay will be forced to sell," Schiff added.
However, Bitcoin proponents ignored Schiff's warnings. They see an opportunity to buy at a time when the crypto market is collapsing. One of his followers even commented by suggesting the economist to look at the charts of Bitcoin, Ethereum, and gold, in the last 5 years.
“Which do you prefer? Which do you want to hold on to for another 5 years?” asked one of his Twitter followers.
At the time of writing, Bitcoin was trading at IDR 371,811,205 at 13:24 WIB, June 13, 2022. Bitcoin price has decreased by 7.5 percent in the last 24 hours. According to data from Coingecko, the price of Ethereum is at the level of Rp. 19,489,135. ETH plunged 8.3 percent in the last 24 hours.
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