Paul L.
CRYPTOCURRENCY
Mar 20, 2023
Schiff’s gloomy outlook for Bitcoin’s possibility to serve as a go-to digital currency aligns with his long-standing objections to the maiden cryptocurrency. Indeed, the banker has advocated for investors to sell their Bitcoin holdings, maintaining that BTC will likely correct to zero.
Previously, Schiff suggested that the last rally was a bubble that would inevitably burst, and the significant correction observed in 2022 resulted from a massive pump-and-dump scheme. He emphasized that the market witnessed a surge in value, but investors failed to acknowledge the subsequent decrease in value.
Schiff has also predicted a continued deterioration of the global economy that would significantly impact the U.S. banking ecosystem, that’s already in a crisis. Finbold reported that Schiff warned investors to brace for a ‘bigger collapse ahead’ in the country’s banking system.
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