Economist Peter Schiff Explains Why He Expects Bitcoin to Crash as Recession Deepens — Warns ‘Don’t Buy This Dip’

Economist and gold bug Peter Schiff has some dire predictions about cryptocurrencies, especially bitcoin and ether. He explained that “the need to sell bitcoin to pay bills will only get worse as the recession deepens,” adding that bitcoin is poised to crash to $20K while ether will sink to $1K.

Peter Schiff shares his outlook on the future of Bitcoin, Ether, and crypto

Goldbug Peter Schiff, chief economist and lead strategist at Euro Pacific Capital and founder of Schiff Gold, has some dire predictions for Bitcoin, Ether, and the crypto market in general.

He tweeted Saturday.

Bitcoin seems poised to crash to $20K and Ethereum to $1K… Don’t buy this dip. You will lose a lot more money.

Schiff further explained in several tweets on Sunday.” With food and energy prices soaring, many bitcoin hodlers will be forced to sell to cover their costs. Grocery stores and gas stations will not accept bitcoin.”

Economists point out that ” When bitcoin crashed during Covid, no one had to sell. Consumer prices were much lower and hodlers got their stimulus checks.”

Schiff emphasized.

As the recession deepens and many hodlers lose their jobs, especially those working for soon-to-be-bankrupt blockchain companies, the need to sell bitcoin to pay bills will only get worse.

“If the situation changes, long-term buyers without a salary will be forced to sell,” he added.

Most bitcoin supporters continue to ignore all the bitcoin and crypto predictions Schiff has made, with many seeing his gloomy forecast as a buying signal forBTC.

One Twitter user wrote, “Possibly the most consistently bad investment advice on public record.” He also asked Schiff, “Check the 5-year charts for Bitcoin and Ethereum, then check the chart for gold. Which would you rather hold? Which would you rather hold for another 5 years?” And.

At the time of this writing, Bitcoin is trading at $26,212.07 while Ether is at $1,373.77.

In addition, a growing number of grocery stores and gas stations are now accepting other cryptocurrencies as well as bitcoin. Sheetz, a major mid-Atlantic restaurant and convenience chain, announced last May that it had become “the first convenience store chain to accept Bitcoin.” Several convenience stores and gas stations also have two-way bitcoin ATMs, including Circle K, a major convenience store and fuel retailer

Schiff is bearish on bitcoin, ether, and the crypto market in general, but many are very bullish onBTC. Venture capitalist Tim Draper recently doubled his $250,000 Bitcoin prediction. U.S. Senator Ted Cruz said he is “incredibly bullish” on bitcoin and is buyingBTCevery week; BTC; Devere Group CEO Nigel Green said last week that he is bullish on bitcoin prices in the fourth quarter of this year and said he expects a “big jump” in the price of bitcoin in the fourth quarter of this year.

JPMorgan said last month that the firm sees “significant upside” in bitcoin. The global investment bank has replaced real estate with crypto as the “preferred alternative asset.” Additionally, a recent Deloitte survey found that 85% of U.S. merchants said that enabling crypto payments is a high priority for them.

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