As the sharp decline in cryptocurrency markets continues, renowned economist and cryptocurrency critic Peter Schiff issued a striking warning on the X platform.
“The cryptocurrency market continues to bleed. Bitcoin has fallen below $110,000, and Ethereum has fallen below $3,700,” Schiff said.
Schiff said that if Ethereum falls below its critical support level of $3,350, the price could fall to as low as $1,500, representing a roughly 70% drop from its all-time high. He also noted that Bitcoin’s price could fall to around $75,000 in the same scenario, arguing that “all of Strategy’s paper gains would be wiped out.”
“Bitcoin didn’t go up today; gold and silver went up while Bitcoin went down… it’s a risk asset, not a safe haven asset,” Schiff commented.
Schiff also claims that gold and silver can gain value even in an environment where the dollar is rising, and that this rise will accelerate even more if the dollar weakens.
*This is not investment advice.