Renowned economist Peter Schiff has warned that conditions in the cryptocurrency industry have matured to the point where a collapse may occur.
He noted that the price of Ether (ETH), the second-largest cryptocurrency by market capitalization, has dropped by 24% in the past 7 hours. Despite the release of 8 Ethereum ETFs yesterday, Ether has plummeted more than 24% in the past seven hours. Bitcoin is also declining, having dropped 2% during the same period. The stage is set for a crypto collapse, coinciding with the Nashwille Bitcoin Conference.
– Peter Schiff (@PeterSchiff)
July 25, 2024
Schiff also pointed out that Bitcoin has not been immune to the broader selloff in the cryptocurrency and stock market realms, falling nearly 2%. He further noted that the market appears to be pricing in a “hard landing.”
Read more:
Kamala Harris: Bitcoin is criminals’ money.
Commenting on gold, he stated:
“I believe gold doesn’t have much downside potential. This contrasts sharply with Bitcoin and Ether, which still have a long way to go.”
The economist predicts that if the Fed does not cut interest rates, the next economic downturn could begin with a stock market crash. Similarly,
presenting
Wednesday, investors’ enthusiasm for artificial intelligence (AI) waned, causing the Nasdaq 1 index to fall more than $100 trillion, its worst performance since January 2022.
