Gold bulls: Bitcoin will be forced to sell off! Founder of Tianqiao: More BTC and ETH have been bought

Last weekend (12), against the unfavorable backdrop of the U.S. consumer price index (CPI) unexpectedly climbing to a 40-year high in May, the market expects that the Fed will increase the possibility of raising interest rates significantly, and Bitcoin fell once this morning. Breaking the $21,000 mark, it recovered to $21,388 by press time; ether (ETH) had earlier fallen to $1,102, back to levels seen in early 2021.

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It is worth noting that before the release of the May inflation data in the United States, gold bull Peter Schiff, who has publicly criticized Bitcoin many times, predicted on the 11th that both major currencies will continue to plummet, and called on investors to Don’t buy on dips at this time, or you will lose even more.

“Bitcoin looks poised to drop to $20,000 and Ethereum to $1,000. If it does, the total market cap of the overall cryptocurrency market will fall from nearly $3 trillion at its peak to below $800 billion.”

Peter Schiff: Bitcoin holders are selling to pay for living

Schiff went a step closer to warning on Sunday, predicting a massive sell-off by long-term bitcoin holders in the coming weeks as inflation continues to rise.

“With food and energy prices soaring, many bitcoin holders will be forced to sell to cover the cost of living, after all grocery stores and gas stations don’t accept bitcoin. When bitcoin collapsed during Covid, no one needed to sell. Consumer prices were much lower back then, and long-term holders could receive stimulus checks.”

In addition, Schiff also believes that some blockchain companies will face bankruptcy, which is one of the reasons why long-term holders will have to sell bitcoin.

“As the recession deepens and many long-term holders lose their jobs, especially those working for blockchain companies that are about to go bust, the need to sell bitcoin to pay their bills will only grow more. If things change, Long-term buyers without paychecks will be forced to sell.”

He followed up with a warning yesterday (13), “As Bitcoin fell below $25,000 and Ether fell below the key support level of $1,300, the total market value of cryptocurrencies has fallen from $3 trillion to below $1 trillion, and the remaining The $1 trillion process will be the most painful.”

Founder of Runway Capital: The company has bought more BTC and ETH

Sky Bridge founder Anthony Scaramucci, who disagrees with Schiff, revealed why he remains bullish on Bitcoin and ETH in an interview with CNBC’s SquawkBox on the 13th.

According to Utoday, Scaramucci said he is encouraged by the fact that Bitcoin accounts for more than 50% of the total crypto market capitalization despite Bitcoin’s dominance of the total slaughter in the crypto market. He sees this as a sign that quality is being sought out there, and he believes the crypto market will recover as long as participants remain disciplined.

He emphasized that the Celsius situation is weighing on the market, just as Terra (LUNA) did on the crypto market about six weeks ago, advising people to stay disciplined.

“We bought more Bitcoin and Ethereum, we had private shares of FTX, and FTX was doing really well… So yeah, people will look back at this disaster and say I wish I had new cash to buy enter.”

In response to this remark, Schiff then commented on Twitter that Scaramucci appeared on CNBC to pull Bitcoin. CNBC has once again launched its regular Bitcoin pump to prevent investors from jumping ship to do the right thing.

If you feel that investing directly in BTC and ETH is more radical, investing in mining machines is also a better choice. The mining machines can continue to produce BTC and ETH, and after the market recovers, the machine itself will also generate a certain value-added.


Post time: Jul-28-2022