Peter Schiff: We're about to witness a massive Bitcoin crash
Euro Pacific CEO Peter Schiff has announced the confident growth of traditional safe-haven assets such as gold and silver, and has warned that Bitcoin will lose market share.
The crypto skeptic noted that, amid the US Federal Reserve's interest rate cut, the commodity market is experiencing renewed growth. Over the past month, gold has risen 11%, trading above $3,700 per troy ounce. Silver prices have reached a new record high of over $43 per ounce.
Against this backdrop, the American economist added, the leading cryptocurrency has finally lost its upward momentum and begun to slide back toward its previous, conservative levels. Schiff insists that after the US markets open on September 23, selling pressure on digital assets could intensify as investor risk appetite continues to decline.
“There's still plenty of time before US markets open tomorrow, and when I wake up, gold and silver could be even higher and Bitcoin could be down,” Schiff tweeted in H.
According to the economist, changes in the commodity and cryptocurrency markets may indicate that money is flowing from speculative assets such as Bitcoin to historically more reliable and safe investments.
The forecast by Euro Pacific CEO Peter Schiff is indirectly confirmed by data from the cryptocurrency market, which began the week with a massive liquidation of overbought long positions by traders in Bitcoin, losing $1.7 billion in capitalization in a single day.
Source: cryptonews.net
