Recently, after several weeks in consolidation, a new wave of interest in bitcoin (BTC), the flagship crypto was born. Many analysts saw this as signs of an imminent recovery in the price and the market in general. But that was without counting on the occurrence of the FTX affair. As the saga unfolded, the prices of the majority of cryptos moved into negative territory. Investors feared and continue to fear a domino effect. For many, the case carries with it the seeds of another downfall in the industry. It has also given grist to the mill of crypto skeptics, whose public interventions have soared.
For Peter Schiff, there will never be bitcoin mania again
The latest events in the crypto industry seem to prove the chairman of SchiffGold, Peter Schiff, right. The economist who opposes the crypto, predicted in June, the continuation of the fall of the market and bitcoin (BTC). Recently, he stated that there is no more interest in bitcoin (BTC) and the mania for the flagship crypto is over. He added that the bankruptcy of FTX is sufficient proof that the rally observed at the end of 2021 was a fraud. He goes on to state that the $69,000 ATH for bitcoin (BTC) will never repeat itself. According to him, this was the result of unprecedented publicity for cryptos and the fruit of large amounts of speculative buying.
“The lesson from FTX is that investors need to do better due diligence and not foolishly jump on speculative waves”does he have declared.
Additionally, Peter Schiff responded to those who say regulation would have avoided FTX’s situation. To this end, he recalled that the activity of Bernard Madoff was regulated by the Securities and Exchanges Commissions (SEC). He also replied to Kevin O’leary, who recently declared that the bottom of the crypto market had already been reached.
“The bottom of the crypto market is far from being reached (…) The only thing reached is the top of the market”, he wrote. Therefore, the bear market should continue and dig deeper into the charts.
Peter Schiff is once again adamant. Gold is the best bet. He suggested investors jump ship crypto and get back to gold, a safer investment.
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