Peter Schiff Predicts Further Bitcoin Decline

Peter Schiff, President of Euro Pacific Capital and a critic of the leading cryptocurrency, has stated that he anticipates a continued decline in the value of digital gold, citing a decrease in demand for spot bitcoin ETFs.

The reason that investor buying of the new #BitcoinETFs isn’t pushing up the price of #Bitcoin is that the outflows from $GBTC plus selling of #BTC exceed the combined inflows into all of the other ten Bitcoin ETFs. Once the initial ETF demand wanes, I expect a bigger price drop.

— Peter Schiff (@PeterSchiff) January 17, 2024

“Investments in new bitcoin ETFs are not leading to a rise in the asset’s price because outflows from GBTC and bitcoin sales exceed the combined inflows into the other ten bitcoin ETFs. Once the initial ETF demand subsides, I expect an even greater price drop,” he wrote.

Former hedge fund manager of Cramer & Co. and host of Mad Money, Jim Cramer, described the bitcoin price drop as an “unpleasant start to the selloff.”

Nasty beginning to the bitcoin selloff. Someone’s probably going to try to make a stand here but as we said last night you can’t have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up

— Jim Cramer (@jimcramer) January 18, 2024

“Someone will probably try to defend [bitcoin], but an asset cannot double by hundreds of millions of dollars in anticipation of an ETF, and then almost nothing materializes,” he explained.

Cramer also mentioned renowned trader Larry Williams, who allegedly warned that “the crypto market is very far from the bottom.”

The legendary Larry Williams warning me that we are very far from the bottom in crypto

— Jim Cramer (@jimcramer) January 18, 2024

On January 13, the leading cryptocurrency fell below $43,000. On January 19, bitcoin prices briefly dipped below $41,000. At the time of writing, digital gold is trading at $41,500.

In November 2023, Cramer advised anyone wanting to buy bitcoin to “just do it.” The television host is known for his sharp remarks and criticism of the crypto industry, but this comment was in stark contrast to his previous statements.

Back in the same month, Schiff described the leading cryptocurrency as a “cheap imitation” of gold.

In July, the President of Euro Pacific Capital predicted a rapid decline of digital gold to zero. At that time, the asset was trading at $31,000.