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

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  • Alex Dovbnya
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    Bitcoin doomsayer Peter Schiff is back on Twitter, saying that the BTC price could potentially drop to $1,000

Bitcoin Price
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Peter Schiff, the CEO of Euro Pacific Capital, says that Bitcoin is on the cusp of forming an "ominous pattern," which could send its price to as low as $1,000, the price level the top coin hasn't seen since May 2017.

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Doom and gloom for Bitcoin       

According to Schiff, Bitcoin is printing the so-called "head-and-shoulders" pattern, a chart formation with three peaks that usually helps spot an upcoming downtrend. He took a picture of his monitor to help delusional bulls visualize it.       

This is not the first time that Schiff pays attention to the aforementioned pattern. On Oct. 20, he tweeted that the Bitcoin chart looked "horrible," and Bitcoin was close to completing the right shoulder. Back then, his technical analysis was ripped to shreds by crypto Twitter given that it was ludicrous to use H&S on high time-frame charts.

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Gold will be ok-ish  

This time around, Schiff also faced some pushback from Bitcoin enthusiasts who pointed out that his beloved gold is in the same predicament. However, he states that the yellow metal will be just fine even if it does form the H&S pattern since it would still hold the $1,350 support. Meanwhile, Bitcoin could drop to as low as $1,000. Hence, such comparisons don't make any sense.

As reported by U.Today, the Bitcoin price tanked below $7,600, which encouraged more bears to come out of hiding.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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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Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

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  • Vladislav Sopov
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    Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Vitalik Buterin, Ethereum: Fiat Money Will Not Be Destroyed
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Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin's attitude towards the "classic" economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a "leave me alone'" or "conquer the world" approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any "short-term disruption" for the sake of some "nebulous long-term gain" is skeptical. He said:

I'm definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.

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Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide "checks and balances" against a government monopoly on "issuing money" rather than "replacing it entirely".

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Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

Will crypto one day replace fiat money? Tell us your opinion on Twitter.

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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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