Bitcoin (BTC) skeptic Peter Schiff has taken to social media to once again voice his opinion on the world’s largest cryptocurrency, claiming that the time to sell is now. Schiff, who has been a longtime critic of BTC, says that the recent price surge is unsustainable and that investors should take their profits now. His comments come as Bitcoin trades near all-time highs, drawing in more mainstream attention than ever before. While Schiff’s views on Bitcoin are well-known, his latest statement is sure to stir up debate among investors and cryptocurrency enthusiasts.
Today, several cryptocurrencies, including Bitcoin, have seen significant losses. XRP, MATIC, and BNB have all experienced losses of over 5% in the last 24 hours, while BTC has fallen 7.88% and ETH 8.89%. In the past seven days, BTC and Ethereum have lost 10.88% and 10.94%, respectively, while other altcoins like BNB have lost 6.62% and 6.66%.
As a result of these losses, the overall crypto market cap has dropped below $900 billion, sitting at $890 billion. Peter Schiff, an outspoken crypto critic, has advised investors to sell BTC and buy gold amidst the market’s decline.
In a tweet, Schiff predicted that further bankruptcy cases would hit the industry, leading to a deeper crypto winter. He cited the recent crash of Silvergate, a crypto-friendly bank battling regulatory issues, as a sign of further turmoil.
Despite Schiff’s warnings, some crypto enthusiasts remain steadfast in their belief in the industry. Peter’s son, Spencer Schiff, responded to his father’s tweet, stating that blockchain companies might crash, but Bitcoin would be the lifeboat.
Meanwhile, the recent crash follows Silvergate’s announcement of insolvency, which affected BTC’s price and other cryptocurrencies. The bank has been dealing with regulators over its links to bankrupt FTX and Alameda Research. SVB Financial and Silicon Valley Bank’s stock also plummeted, causing the banking sector to drop 7.3% on March 9.
Currently, BTC’s price is below $20,000, ranging between $19,600-$19,700.