Economist Peter Schiff has made his predictions on crypto and what to expect – none of his predictions are good. Mostly to do with BTC and ETH , he says he fully expects people to sell BTC to pay bills as the recession gets worse. Another prediction was that BTC will crash to $20,000 and ETH to $1000 pretty soon.
Peter Schiff is a strategist and chief economist at the Euro Pacific Capital, an investment advisory company. He made his dire predictions about the crypto market and the two biggest currencies. He explained why he made those predictions via Twitter as well. Because prices are rising, especially food and energy, BTC hoodlers will have to sell their investments to cover day to day costs. As of now, gas stations and grocery chains don’t accept alternative currencies.
He also talked about the crash of BTC prices during the pandemic. According to Schiff, consumer prices two years ago were lower, and people got stimulus checks to help them along. The situation is different now and with a recession looming, hoodlers may not have their day jobs. Those who work for blockchain companies could be impacted worse if the firms go bankrupt.
As usual, most BTC believers ignore his predictions on BTC and the crypto market. Most perceive it as a signal to buy. At the time of publishing this report, BTC prices were holding steady at $26,212 and ETH prices were $1373, almost $1374.
It seems like grocery stores have now started accepting BTC and crypto in payments. Schiff is bearish on the crypto market, there are many others who are bullish on BTC’s chances. Nigel Green, CEO of Devere Group is in the latter camp and expects BTC to experience a significant bounce towards the end of 2022.