As a seasoned researcher with over three decades in the financial markets, I’ve seen trends come and go, from dot-com bubbles to housing crises. The latest Bitcoin sell-off, coupled with Peter Schiff’s predictable critique, reminds me of the old saying: “There’s nothing new under the sun.”
On Saturdays trading, Bitcoin, the most valuable cryptocurrency, dipped below $61,000. This move came as a wave of caution swept through financial markets. Additionally, Genesis, a notable entity in the crypto world, started distributing digital assets to its creditors following the conclusion of its bankruptcy restructuring process.
Bitcoin continued its downward trend, reaching a low of $60,240 during trading hours, following the release of the July U.S. employment report on Friday. This report sparked concerns that the world’s leading economy could be heading towards a recession, causing stocks to also decline. The unemployment rate climbed to its highest point since October 2021.
On Wednesday, when the Bank of Japan subtly increased its monetary policy by raising its key interest rate from 0%-0.1% to 0.25%, this move led to an additional drop in stock prices in Japan.
At the time of writing, BTC was down 3.56% in the last 24 hours to $62,142.
Peter Schiff reacts to Bitcoin, Ethereum price sell-off
Typically speaking, renowned economist and gold advocate Peter Schiff – known for his critical views on cryptocurrency – seized the opportunity to express his skepticism towards Bitcoin and Ethereum, specifically.
On Twitter, Schiff pointed out the consecutive drop in Bitcoin’s worth compared to the Japanese yen, hinting that Japanese investors could be considering leaving the cryptocurrency market soon.
As a seasoned investor with a keen eye for market trends and a deep understanding of global economic dynamics, I find myself closely monitoring the recent fluctuations in the financial markets, particularly the performance of Bitcoin and gold, given their popularity among Japanese investors as safe-haven assets.
— Peter Schiff (@PeterSchiff) August 2, 2024
As a crypto investor, I’ve noticed this week, Bitcoin has dipped by 13% in Japanese Yen. This is quite a substantial drop for something many Japanese investors viewed as a safe haven. Interestingly, gold also declined, but only by 2.5%. Considering the 7.3% decrease in Japanese stocks during the same period, this isn’t too bad. So, it seems that the Japanese might be bidding farewell to Bitcoin soon.
In another tweet, Schiff criticizes Ethereum ETFs and predicts a drop to $2,000: “Ethereum ETFs have been trading for just two weeks and they’re already down 15%. They closed the week on new lows. Ethereum itself is now trading below $3,000. It won’t be long before it break $2000. Gold rose 2% this week. Bitcoin fell 10%. The race is over. Gold wins the medal.”
Peter Schiff, for a long time, has been vocal about his criticisms of cryptocurrencies, often pointing to gold as a more reliable form of value storage. His latest remarks demonstrate his persistent doubt towards cryptocurrencies. Therefore, when considering Schiff’s forecast of Japanese investors leaving Bitcoin, remember that it aligns with his overall investment philosophy.
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2024-08-03 16:17