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Renowned economist and Bitcoin (CRYPTO: BTC) critic, Peter Schiff, has expressed a bearish outlook for the digital asset as it witnessed one of the worst crashes of the year.
What Happened: In an X post past midnight, Schiff warned that the cryptocurrency’s bear market is far from over and predicted further downsides for the world’s largest cryptocurrency, Bitcoin.
Schiff’s comments were directed towards HODLers of the coin who believe in the long-term value potential of the asset class.
Bitcoin plunged to the $54,000 zone for the first time since late February, due to cumulative fears of an impending sale of coins by cryptocurrency exchange Mt.Gox as well as the German and the U.S. governments.
Schiff further predicted that over 70% of Bitcoin ETF buyers would be losing money at a Bitcoin price of $54K. He expects the real selling to start when Bitcoin trades below $38K, at which point all Bitcoin ETF buyers would be incurring losses.
Why It Matters: Schiff’s bearish forecast aligns with his previous warnings about Bitcoin’s future performance. Last month, Schiff warned that Bitcoin investors who switched from gold ETFs to Bitcoin ETFs at the end of Q1 were now 20% worse off, and he anticipated the situation to worsen.
He has previously strongly criticized Bitcoin spot ETFs, questioning their impact on the currency’s price movement. On one occasion, he questioned why Bitcoin’s price had been trading sideways for over three months despite net buying from 11 spot ETFs.
Price Action: At the time of writing, Bitcoin was exchanging hands at $54,446.92, sinking 7.6% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: Gage Skidmore on Flickr
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors
Posted In: $BTC
