In December, financier Peter Schiff said that after investor interest in bitcoin-ETF crypto funds wanes, the digital currency market will once again enter a bearish phase.
In his opinion, the growth we have seen since last fall was a direct result of the high activity of institutional investors. They were looking for a channel to enter bitcoin and finally got one.
This week, Peter Schiff reiterated the inevitability of BTC collapse as traders’ interest in the spot ETF market wanes.
The financier emphasized that the sell-off should begin in the very near future. We are seeing a classic speculative pattern where an asset is pumped up and then it will be dumped, Schiff emphasized.
However, subscribers reminded him that he urged investors back in 2018 not to buy bitcoin for $3800.
The financier predicted that soon the value of the cryptocurrency will collapse by 80%, and then the losses will be incurred by those who entered the asset at higher prices.