Peter Schiff: "It's Time to Sell Bitcoin"
Renowned cryptocurrency economist and skeptic Peter Schiff urged his followers to sell bitcoin and other coins as the industry “anticipates more bankruptcies” in the near future.
In his post, Peter Schiff pointed to the bankruptcy of Silvergate Bank. which served many cryptocurrency companies. Against this background, as well as taking into account economic indicators in the United States, the prices of major cryptocurrencies have fallen significantly in recent weeks.
“If cryptocurrencies are the future, why has the big cryptocurrency bank Silvergate already disappeared? The industry is facing a wave of bankruptcies of blockchain-related companies that will turn the cryptocurrency winter into a freezing cold for all digital assets. Sell bitcoins and invest in gold!” wrote the economist.
Interestingly, Peter Schiff's son, Spencer Schiff, is not supportive of his father. He wrote that cryptocurrency and blockchain companies may go bankrupt, but bitcoin will not sink, but rather become a lifeboat for the entire industry.
Note that over the past day, the rate of the first cryptocurrency has increased by 2,5%. BTC is currently trading at $20.
Last December, Schiff said that Bitcoin could fall to $5000.
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