Gold Bug Peter Schiff Says Bitcoin Still Has a Long Way to Fall — Values BTC at $10K

Peter Schiff Says Bitcoin Still Has a Long Way to Go – BTC Values ​​at $10,000 – Bitcoin Markets & Prices News

Economist and gold bug Peter Schiff says bitcoin still has a long way to go after the collapse of crypto exchange FTX. He also believes that $10,000 is bitcoin’s true price, warning that “the lion’s share of the sell-off hasn’t even started yet.”

Schiff predicts that “bitcoin still has a long way to go”

Gold bug and economist Peter Schiff has warned in a series of tweets about bitcoin’s price falling far below its current level.

He started by referring to the prediction he made in June that the need to sell bitcoin to pay bills will only get worse as the recession deepens and long-term BTC holders without a paycheck are forced to sell. Noting that it didn’t take long for his prediction to come true, Schiff tweeted on Wednesday:

The lion’s share of the sale hasn’t even started yet. Bitcoin still has a long way to go.

He added in a follow-up tweet, “I’ve been warning for years that everyone who made money in crypto will be sued by everyone who lost money in crypto. So lawyer, pump- you.

Commenting on the collapse of crypto exchange FTX and former CEO Sam Bankman-Fried (SBF), Schiff wrote, “I never looked at SBF as I never even considered investing in FTX. But if I had done ten minutes of due diligence, the red flags would have been obvious. He precised :

The fact that many cryptos were so easily duped by an obvious scammer challenges their judgment of all things crypto.

Schiff thinks $10,000 is the real price of Bitcoin

Schiff also shared his thoughts on the recent performance of Grayscale’s bitcoin trust (GBTC) and its relationship to the price of bitcoin. The bitcoin skeptic wrote on Friday:

Based on GBTC’s 43% discount to NAV, bitcoin is already trading well below $10,000. I believe this is the real price of bitcoin because when you sell GBTC you get paid in real money. But when you sell BTC, you get paid. To get real money for bitcoin, you have to accept a huge discount.

“GBTC is currently trading at a 46% discount. New registration. Something is definitely going on. Bitcoin is in big trouble. Get out while you can! the gold bug added. At the time of writing, BTC is trading at $16,727.

Many people on Twitter disagreed with Schiff. One user said: “This is just embarrassing. Imagine trashing BTC since it was $100, and all these years later you still have no idea. Another wrote: “I haven’t never had any ties when i sold bitcoin. Additionally, the discount is due to the fact that there are hedge funds that can only buy GBTC and not BTC that are trashed and need to raise all the cash they can.

Market analyst Joe Consorti explained on Twitter on Friday that GBTC has been dumped by institutions throughout the year and its parent company Digital Currency Group (DCG) has chosen to pick up the bag “to mitigate the impact selling pressure at the institutional level and support the net asset value (NAV) of the fund. However, he noted, “Still, this intervention did not prevent the net asset value of the widen to -42.7%.”

On Friday, Grayscale Investments shared information about the safety and security associated with its products. The asset management company insisted that the digital assets in its products are safe and secure.

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What do you think of Peter Schiff’s comments? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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