Peter Schiff, one of the most prominent Bitcoin skeptics, is likely enjoying the current turmoil in the cryptocurrency market. As Bitcoin continues to decline, dragging down the entire crypto sector, gold and silver are sparking massive FOMO (fear of missing out) worldwide. In fact, people are lining up to buy these precious metals across the globe.
Having cheered the prospect of gold reaching $6,000 by Christmas, Schiff has recently shared one of his gloomiest and most pessimistic forecasts regarding cryptocurrencies. He warns that the sector is bracing for a wave of bankruptcies, defaults, and layoffs as Bitcoin and Ether experience significant crashes.
Schiff describes this situation as a chain reaction that will not only impact traders but also devastate the entire altcoin market. According to him, there will be no safety net left for holders of speculative tokens. This prediction aligns with his long-standing skepticism that digital assets are merely bubbles waiting to burst.
With gold now outperforming almost every major stock index, Schiff sees mounting evidence to back his stance. He points out that Bitcoin has already fallen more than 30% against gold since its peak in August. Schiff argues this decline is not just a typical market correction but a sign of deep structural weakness.
In his own words, anyone believing the bearish trend is nearly over is deluding themselves. He also mocked Bitcoin proponents who celebrate claims of increased adoption, suggesting that a more fitting title for the new bestseller “Bitcoin is for Everyone” would be “Bitcoin Isn’t for Anyone.”
As gold and silver continue to hit new highs, Schiff maintains that real value lies in tangible assets. His outlook for altcoin holders remains bleak — he believes the crypto winter is far from over.
https://u.today/far-from-over-peter-schiff-predicts-brutal-endgame-for-bitcoin-ethereum-and-altcoins