The famous skeptic Peter Schiff (he's an old-school American economist, precious metals broker, and a staunch gold advocate. He's globally recognized in the crypto ecosystem as one of Bitcoin's biggest historical detractors. For over 10 years, he’s been relentlessly predicting the total collapse of crypto, which he calls a bubble with no intrinsic value. Basically, he’s the ultimate "final boss" of the anti-crypto bears.) just dropped a new warning: according to him, if Bitcoin doesn’t hold its key support level of $50,000, a rapid drop below $20,000 is totally on the table. He believes that investors are way too chill and that the real market bottom is still a long way off.
However, at the time this news drops, BTC is trading around $65742 (despite a slight daily correction of -3.05%). We're still quite far from its catastrophic targets.
The community's opinion:
As a user aptly reminds us in the comments, Schiff has been announcing the death of Bitcoin or its return to zero for years...
Meanwhile, the market reality is quite different:
the institutional giants like BlackRock
(The largest asset manager in the world, with around $10 trillion under management. To put it simply, it's the absolute heavyweight of traditional finance (Wall Street). Their explosive entry into crypto with the launch of their own Bitcoin ETF (IBIT) has legitimized the asset in the eyes of the whole world and has opened the floodgates to capital from the biggest investors on the planet.) and MicroStrategy (An American publicly traded software company that has become, driven by its founder Michael Saylor, the largest holder of Bitcoin by a private company.
Instead of holding mere dollars in cash, they are massively and continuously buying BTC, regardless of price or market corrections. They are the ultimate symbol of long-term accumulation strategy (HODL) on an industrial scale.) continue to invest and accumulate massively in $BTC .
So, who should we believe?
The historical pessimism of anti-crypto or the strategy of the largest funds on the planet?
💬 So, are you more inclined towards Schiff's opinion or do you fully trust the institutions?
Let's discuss it in the comments!
#CryptoNews #blackRock #MicroStrategy #bearmarket #BinanceSquare
