Economist Peter Schiff is confident that the price of bitcoin could eventually fall to $0. He also stated in a recent interview that the process won’t happen right away. Rather, he thinks it could be long and drawn out.
We Can Always Rely on Peter Schiff for Negative Sentiment
This is certainly a big step away from the more bullish analyses we’ve been receiving over the past few months. Earlier today, we published an article talking about William Noble, who famously predicted that bitcoin would endure a bull run in 2020 and 2021 that would ultimately see it rise from the low $20K range to the $40K range… He was right.
In his latest prediction, Noble is confident that bitcoin could reach $56,000 in the next few months, a major step up from where the asset is currently. If this isn’t bullish enough for you, try your hand at Tim Draper, the venture capitalist who feels BTC could end 2023 at a price of more than $200K. Talk about thinking in the most positive terms!
By contrast, Schiff is doling out his usual gloom and doom. He said that the bounces the currency experienced in January and February of this year are nothing to be all that pleased with. He commented that these likely occurred because bitcoin was trashed the year before, and this was a small and meager attempt to put some bandages on a few of its lasting wounds. He mentioned:
The reason it had a big bounce in January is because it got destroyed in 2022… Bitcoin was $70,000 and it went to $16,000. Maybe it’ll go to $25,000 [or] $30,000. That’s a good return.
Continuing his discussion, he stated that he believes bitcoin ultimately has no value and eventually, the world’s number one digital currency will fall to nothing. He said:
The ride to $0 is not going to be in a straight line.
He also stated that despite a few bullish signals in the early months of 2023, this year isn’t likely to be any different from 2022. He’s predicting that all cryptocurrencies and companies with crypto-based stocks are going to take massive dips all over again. He mentioned:
I think they’re all going to make new lows, the FAANG stocks as well.
The Crypto Space Will Be Hit Again
Schiff also stated that if 2022 was marred by bankruptcies in the crypto space, they will pale in comparison to what’s going to likely occur in 2023. He says that many other blockchain companies are going to go under, while several others will be forced to sell assets to stay afloat. He explained:
There are so many potential bombs that could explode in the crypto space. I wouldn’t look at it as a ‘safe haven.’ So many risks… Imagine when bitcoin goes below $10,000. A lot of people will sell.
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