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die-hard bitcoin critic Peter Schiff I called on cryptocurrency hodlers to let go of their BTC holdings before it’s too late.
In an interview with Kitoko News, he described Bitcoin fanatics as living in their own bubble and in a state of delusion. He further predicted that Bitcoin would fall below $10,000 and said it would never regain all-time highs.
I think Bitcoin has broken through $69,000Bitcoins next big move will be below $10,000. Schiff told Kitco’s David Lin. People paid $50,000 to $60,000 for Bitcoin and now they are losing big $23,000 to $24,000.
Schiff further claimed that Bitcoin has margin calls that have not yet been made. Once they are made, investors are encouraged to sell, prices are lowered, and committed investors keep the bag, leaving institutions regretting having been tricked into buying bitcoin.
“People will throw in the towel and the market will plummet I think people should take advantage of the very high rally right now and pull out. That means many people are still profitable. “ Add sif.
   
2021 will see dozens of mainstream media ads, celebrities signed to promote various coins, NFT frenzy, promotional conferences, and Countries that accept Bitcoin as legal tender. According to Schiff, this was a large pump with people overlooking a garbage dump. “So who was behind the ‘Pump and Dump Project’? …The people who were doing the hype were the people who were doing the sales.” he continued.
Since May, the cryptocurrency market has embarked on a bloody sell-off following the Terra-induced depegment of stablecoins and the meltdown of the DeFi sector, drowning most of the soaring promotions.
In June, MicroStrategy recorded a loss of over $1.2 billion in Bitcoin stashes. Last month, Tesla, another Bitcoin holding company, Dump 75% of its possession. Elon Musk said he has a “very bad feeling” about the economy.
Nevertheless, despite Schiff’s warnings to bitcoin and cryptocurrency investors, he hasn’t had a good time at the bank either. I agreed to return 100% of my deposit and pay a hefty fine. This comes after authorities put the bank on hold in June, citing “serious bankruptcy issues.” Last month, Schiff revealed that he was ready to accept bitcoin if authorities allowed the bank to sell.
