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Peter Schiff says bitcoin still has a long way to go down – BTC price is $10K – Markets & Prices

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

Economist and gold specialist Peter Schiff says that after the collapse of the FTX cryptocurrency exchange, bitcoin is still far from falling. He also believes that the real price of bitcoin is $10,000, warning that “the lion’s share of the sales haven’t even started yet.”

Schiff Predicts Bitcoin Still Has a Long Way to Fall

Gold bug and economist Peter Schiff has warned in a series of tweets that the price of bitcoin is falling sharply from current levels.

He began by referring to a forecast he made in June that the need to sell bitcoin to pay bills would only increase as the recession deepened, and long-term holders of bitcoin without a paycheck would be forced to sell. Noting that his prediction was not long in coming, Schiff tweeted on Wednesday:

The lion’s share of sales has not even begun. Bitcoin is still far from falling.

In a follow-up tweet, he added: “I have been warning for years that all the people who made money in crypto will be held accountable by all the people who lost money in crypto. So lawyers, pump up the pumps.”

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

That so many in crypto were so easily fooled by an obvious scammer casts doubt on their opinion of all things crypto.

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

Schiff also shared his thoughts on the recent performance of the Grayscale 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 $10k. I think this is the real price of bitcoin since when you sell GBTC you get paid real money. But when you sell BTC, you get paid Tether. To get real money for bitcoin, you have to accept a huge discount.

“GBTC is now trading at a 46% discount. New entry. Something is definitely happening. Bitcoin is in real trouble. Get out while you can!” added gold beetle. At the time of writing, BTC is trading at $16,727.

Many people on Twitter disagreed with Schiff. One user opined: “This is just embarrassing. Imagine throwing BTC away because it was worth $100 and all these years later you still have no idea about any aspect of it.” Another wrote: “I never had Tether when I was selling bitcoin. Also, the discount is due to the fact that there are hedge funds that can only buy GBTC and not BTC that go bust and are forced to raise whatever liquidity is available.”

Market analyst Joe Consorti explained on Twitter on Friday that GBTC has been shedding GBTC for the entire year and its parent company Digital Currency Group (DCG) has decided to take over “to mitigate the impact of institutional selling pressure and support net asset value.” fund (NAV). However, he noted: “However, this intervention did not stop the discount to the fund’s net asset value from increasing to -42.7%.”

On Friday, Grayscale Investments shared information about the safety and security of its products. The asset management firm insisted that the digital assets of its products be secure.

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Peter Schiff, Peter Schiff $10K bitcoin, Peter Schiff bitcoin, Peter Schiff bitcoin price prediction, Peter Schiff btc, Peter Schiff crypto, Peter Schiff cryptocurrency, Peter Schiff FTX, Peter Schiff bitcoin real price, Peter Schiff Sam Bankman-Fried, Peter Schiff SBF

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

Kevin Helms

Austrian economics student Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests are in bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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