![\"Economist](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/06\/schiff.jpg\")
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Economist and gold bug Peter Schiff has made some dire predictions about cryptocurrency, particularly bitcoin and ether. He explained that \u201cThe need to sell bitcoin to pay the bills will only get worse as the recession deepens,\u201d adding that bitcoin is poised to crash to $20K while ether will sink to $1K.<\/strong><\/p>\n Gold bug Peter Schiff, the chief economist and lead strategist at Euro Pacific Capital and founder of Schiffgold, has made some dire predictions about bitcoin, ether, and the crypto market in general.<\/p>\n He tweeted Saturday:<\/p>\n Bitcoin looks poised to crash to $20K and ethereum to $1K \u2026 Don\u2019t buy this dip. You\u2019ll lose a lot more money.<\/p>\n<\/blockquote>\n Schiff further explained in several tweets Sunday: \u201cWith food and energy prices soaring, many bitcoin Hodlers will be forced to sell to cover the cost. Grocery stores and gas stations don\u2019t accept bitcoin.\u201d<\/p>\n The economist noted: \u201cWhen Bitcoin crashed during Covid no one needed to sell. Consumer prices were much lower and Hodlers got stimulus checks.\u201d<\/p>\n Schiff stressed:<\/p>\n The need to sell bitcoin to pay the bills will only get worse as the recession deepens and many Hodlers lose their jobs, especially those working for soon to be bankrupt blockchain companies.<\/p>\n<\/blockquote>\n \u201cIf circumstances change, long-term buyers without paychecks will be forced to sell,\u201d he added.<\/p>\n Most bitcoin proponents continue to ignore all bitcoin and crypto predictions made by Schiff, with many seeing his gloomy expectations as a buy signal for BTC<\/a>.<\/p>\n \u201cPossibly the most consistently bad investment advice on public record,\u201d one Twitter user wrote. Another asked Schiff: \u201cCheck bitcoin or Ethereum 5-year charts, then check gold\u2019s. Which would you rather have held? Which would you rather hold for another 5 years?\u201d<\/p>\n At the time of writing, bitcoin is trading at $26,212.07 whereas ether is at $1,373.77.<\/p>\n Furthermore, a growing number of grocery stores and gas stations have started accepting bitcoin as well as other cryptocurrencies. Sheetz, a major Mid-Atlantic restaurant and convenience chain, announced<\/a> in May last year that it had become the \u201cfirst convenience store chain to accept bitcoin.\u201d Several convenience stores and gas stations have also installed two-way bitcoin ATMs, including a leading convenience and fuel retailer, Circle K<\/a>.<\/p>\n While Schiff is bearish about bitcoin, ether, and the crypto market in general, many people are very bullish about BTC<\/a>. Venture capitalist Tim Draper recently doubled down on his $250K bitcoin prediction<\/a>. U.S. Senator Ted Cruz said he is \u201cincredibly bullish<\/a>\u201d on bitcoin and has a weekly BTC<\/a> buy. Devere Group CEO Nigel Green said last week that he expects a bull run<\/a> and a \u201csignificant bounce\u201d in the price of bitcoin in the fourth quarter of this year.<\/p>\n JPMorgan said last month that the firm sees a \u201csignificant upside<\/a>\u201d to bitcoin. The global investment bank has replaced real estate with crypto as its \u201cpreferred alternative asset.\u201d Moreover, a recent Deloitte survey found that 85% of U.S. merchants say enabling crypto payments<\/a> is a high priority for them.<\/p>\nPeter Schiff Shares Future Outlook for Bitcoin, Ether, Crypto<\/h2>\n
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