Bitcoin (BTC) Crashing Further May Soon Lose All Value: Peter Schiff

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Fri, 03/13/2020 - 08:33
Yuri Molchan

Major Bitcoin antagonist Peter Schiff cannot help criticizing Bitcoin now that the price dipped below $4,000 before coming back above $5,000

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Contents

Over the past two days, Bitcoin has lost around 50 percent of its value, briefly dipping below the $4,000 price level earlier today. By now, BTC is back in the $5,450 zone.

However, famous Bitcoin hater Peter Schiff reckons that BTC crashing below $4,000 again is possible.

Not feeling bad about losing BTC: Peter Schiff

Euro Pacific Capital CEO, Peter Schiff, tweeted that he does not feel too sad about losing access to the BTC in his wallet since soon, he says, whether you hold Bitcoin or not will not matter much as it is quickly losing value.

Mike Novogratz still believes in BTC

Head of Galaxy Digital, Mike Novogratz, still believes in the power of Bitcoin. He tweets that BTC and crypto have always been about confidence. And now, he tweets, as global confidence in major traditional assets has evaporated, it is going back to Bitcoin, despite the recent price crash.

Many, however, are now sharing their disappointment in Bitcoin, saying that it has lost the privilege to be called a safe haven asset. Economist and writer Holger Zschaepitz tweets:

“Bitcoin is proving to be no haven asset amid the current global market meltdown — it's fallen 50% in two days.”

Related
Trading Legend Peter Brandt Called Worst Bitcoin (BTC) Price Crash Since 2013

Will Bitcoin price recover soon?

Trader Crypto Moon Carl believes that the bottom for Bitcoin was already reached, claiming it was $3,900.

Trader @CanteringClark reckons that even if Bitcoin continues declining, it will be much easier for it to recover afterwards.

“No bid, it is just going to get worse for $BTC. This is an anomalous event, your only consolation is that a 100% BTC move will be much easier after. Return to allocation in something this low float and illiquid will fly up faster than you can limit in.”

Here’s what the analyst Michael van de Poppe has to say about the situation on the markets at the moment, including crypto:

“Equities markets are going to show a relief rally and a calmer day. The weekend will probably show more lockdowns for countries, through which we might find a short term relief on these markets in general. $BTC should test some levels above us as well + alts.”

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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