Economist and gold bug Peter Schiff says bitcoin still has a long way to fall after the collapse of crypto exchange FTX. He also believes that $10K is the real price of bitcoin, warning that “The lion’s share of the selling has not even started yet.”
Schiff Predicts ‘Bitcoin Still Has a Long Way to Fall’
Gold bug and economist Peter Schiff has warned in a series of tweets about the price of bitcoin falling a long way from its current level.
He began by referencing the forecast he made in June that the need to sell bitcoin to pay bills will only get worse as the recession deepens and long-term BTC holders without paychecks are forced to sell. Noting that it did not take long for his prediction to come true, Schiff tweeted Wednesday:
The lion’s share of the selling has not even started yet. Bitcoin still has a long way to fall.
He added in a follow-up tweet: “I’ve been warning for years that all the people who made money in crypto will be sued by all the people who lost money in crypto. So lawyer up pumpers.”
Commenting on the collapsed crypto exchange FTX…