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Economist Who Knows About the Recent Collapse: Bitcoin Is Going Here!


While Bitcoin (BTC) is navigating dangerous waters, an analyst known for anti-cryptocurrency has again made a worrying prediction.

Peter Schiff Pointed Out the Standard Chartered Report!

Yesterday, Standard Charter, one of the leading British banks, reported that Bitcoin will fall to $ 5,000 by losing 70% in value in 2023. Economist and market strategist Peter Schiff, known for his opposition to Bitcoin, made striking statements by sharing this tweet of the bank. According to the analyst, BTC may even fall below $ 5,000 in the current bear market. In a report titled “2023 Surprises in Financial Markets”, Standard Chartered Bank painted a rather pessimistic picture about Bitcoin, pointing to the global economic outlook and the crises experienced within the sector. Eric Robertsen, Head of Global Research at Standard Chartered Bank, claimed that the decline in BTC will deepen in 2023.

According to the manager, the macroeconomic environment, along with technology shares, will also trigger sales in Bitcoin. In addition, Robertsen stressed that more and more cryptocurrency companies and exchanges may go bankrupt due to insufficient liquidity. The expert also underlined that the FTX crisis caused a trust problem in the investor. In addition, Robertson pointed out that BTC fell by over 60% after the bankruptcies that occurred in the crypto currency sector. Therefore, Robertson believes that BTC will lose more momentum. While many cryptocurrency companies are succumbing to the liquidity squeeze, Robertson argued that the price of gold could potentially rise by 30% to $ 2,250 per ounce. Meanwhile, Schiff, who Decries BTC and is a defender of gold, has stressed many times the advantages of investing in gold against volatility in BTC

‘The Worst-Case Scenario Hasn’t Happened Yet’

As the cryptocurrency market is going through a new crisis period, Bitcoin opponents such as Peter Schiff are not missing this opportunity, Schiff argued that gold is the real store of value, while Bitcoin is a useless asset in the long term due to high volatility. After the collapse of the FTX exchange, which dealt a major blow to the cryptocurrency market, Schiff claimed that Bitcoin would fall even lower. The economist had previously correctly predicted that BTC would fall to $10,000.

Peter Schiff believes that the worst-case scenario has not happened yet. According to the analyst, people will have to sell Bitcoin to pay bills during a period of high inflation. This process has already begun. As the recession deepens, the situation will only get worse. Especially blockchain companies that will soon go bankrupt, and many Hodl-making investors who have lost their jobs due to the crisis will also have to sell their Bitcoins.

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