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Bitcoin (BTC) Could Print Yearly Price Loss After Ethereum (ETH) and Ripple's XRP: Peter Schiff

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Wed, 12/18/2019 - 14:35
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  • Bitcoin still greatly outperforms gold and the S&P 500 in 2019 but Peter Schiff believes that the top coin could shed these gains by the end of this year

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In his latest tweet, gold bug Peter Schiff voiced yet another ominous Bitcoin (BTC) price prediction. The CEO of Europe Pacific Capital apparently thinks that the number one cryptocurrency could follow the lead of Ethereum (ETH) and Ripple's XRP that are about to end 2019 with a loss (the latter is so far down by more than 50 percent in the current year). 

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Pie in the sky

2018 turned out to be the worst year for Bitcoin in its entire history -- the leading cryptocurrency bottomed below the $3,200 level and closed the year with a 70 percent price drop. However, as of Dec. 18, Bitcoin is still up by more than 80 percent year-to-date, which is the main argument of the bulls who want to justify its abysmal performance in late 2019. 

With bears still in charge, it is unlikely that Bitcoin will be able to stage a convincing recovery before the end of this year. The top cryptocurrency dropped to a new intraday low of $6,452, CoinStats data shows. At press time, Bitcoin is trading at $6,590 after witnessing a slight price uptick.

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Bitcoin Is Forming "Very Ominous" Price Pattern, Gold Will Be Fine: Peter Schiff - READ MORE

Bitcoin nemesis  

Schiff usually becomes more active on Twitter when things turn south for Bitcoin, the novel digital asset that threatens to replace his much-beloved gold.  

Earlier this week, he called Bitcoin a "fraud" while urging early adopters to get out of the market due to the coin's falling prices. 

He also opined that Bitcoin's fall from grace could be a good life lesson for gullible millennials who will still be able to earn their money back.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

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Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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