Vocal Bitcoin opponent and founder of SchiffGold fund chairman, economist Peter Schiff has taken to Twitter for comment about the prolonged fall in Bitcoin on Tuesday.
He acknowledged that Bitcoin is not scarce but that it doesn’t matter right now.
Bitcoin dominance is hard to sustain, and its scarcity is not helping
It crashed Tuesday by 5.61%. The price fell to $18,630, the lowest level in two months. Peter Schiff tweeted that there was not only a prolonged Bitcoin crash but that BTC dominance is also on the decline.
This metric is now at 38.1%. It’s the lowest level since June 2018, when it was the crypto winter.
Schiff believes that Bitcoin’s loss of dominance in the crypto market can be attributed to its competition with almost 21,000 other cryptos. BTC’s dominance is being lost to altcoins, which Schiff has described as “intrinsically less” as well as Bitcoin.
#Bitcoin is not only crashing but also its dominance has dropped to 38.1%. This is its lowest level since June 2018. It is now competing with nearly 21,000 other digital tokens that are intrinsically worthless, NFTs, and #crypto equities. Even though Bitcoin is rare, there are many alternatives.
Peter Schiff (@PeterSchiff). September 6, 2022
He also acknowledged that Bitcoin was a rare asset. However, in current circumstances, this doesn’t matter because altcoins have an even greater supply than BTC. Many Bitcoiners, including Schiff’s son Spencer, tried to convince Schiff that he was wrong.
Schiff earlier admitted that cryptocurrency’maybe has future,’ but Bitcoin won’t be. David Gokhshtein, an influential investor, admitted that Peter Schiff correctly predicted BTC’s future.
Peter Schiff was probably right about #bitcoin.
– David Gokhshtein (@davidgokhshtein) September 7, 2022
“$20,000 is false bottom”
Fund manager and gold bug Schiff shared his opinion on Tuesday that $20,000 was likely to be false bottom for the benchmark cryptocurrency.
He said that BTC was trading at that level for almost two weeks, as the market was offering naive investors an opportunity to get on the bandwagon. He advised that investors should abandon the’sinking boat’ before it is too late.
Curiously, the crypto’s flagship cryptocurrency went further down the day after the tweet.
Mike McGlone asserts that Bitcoin is still a bull market
Mike McGlone (senior commodity strategist at Bloomberg) shared a screenshot and a quote from a Bloomberg report on Tuesday. The Bloomberg report stated that BTC was joining the ranks of global stores value along with gold, U.S. Treasuries, and gold.
It was also noted that the previous deep crashes of the flagship crypto in 2015 and 2018-19 were similar to the current one and that the price rose to historic heights.
Bitcoin currently trades at $18,785 per coin via Bitstamp as of the writing.