Schiff Says Its ‘Highly Likely Bitcoin Will Crash to $10K’

Although bitcoin’s value has fallen to levels not seen in January 2022, some bitcoin haters believe it is dying. According to the Bitcoin Obituaries List, the most prominent crypto asset has died seven times since 2022. This is more than the three years prior that were written by bitcoin haters. John Plender, a financial journalist, stated that bitcoin is the most valuable crypto asset and that it follows the “greater fools” scenario.

Bitcoin Obituaries List for 2022 Exceeds the First 3 Years of So-Called Deads by Year

Many journalists, economists and analysts have deemed Bitcoin to be “dead” or “extremely close”. These types of opinions are so common that 99bitcoins.com has created a list called “Bitcoin Obituaries” which includes data showing that bitcoin (BTC), has been killed 447 times since 2010. The opinion that bitcoin was dead was posted on December 15, 2010, under the title “Why bitcoin cannot be a currency”.

Bitcoin was ‘died seven times’ in 2022.

Over the years, more bitcoin obituaries were added to the website. During the 2017 bull run, there were 124 bitcoin obituaries. In 2018, bitcoin was killed 93 times. Only 41 deaths were recorded in 2019. There were only 14 bitcoin obituaries listed on the website in 2020. The pace of bitcoin obituaries increased again in 2021. There were 47 obituaries about the so-called death of the crypto asset.

Although there have been seven bitcoin obituaries in 2022, the number of annual obituaries has surpassed 2010 and 2012. The bitcoin price has been in decline over the past weeks and there is a good chance that more bitcoin obituaries are added to this year. John Plender, a British columnist and financial journalist for the Financial Times (FT), wrote the last obituary on 99bitcoins.com. The post titled “Bitcoin will Run Out of Greater Fools” quotes Plender’s April editorial. Plender doesn’t believe in bitcoin but the columnist at FT believes blockchain is a powerful technology.

Plender wrote in his FT editorial, “There is no denying that blockchain technology has the incredible power to make things last.” Plender writes in his FT editorial that bitcoin is “intangible, risky, and incomprehensible for most humans.” It is gaining acceptance from professional investors but its performance this year makes a hard case for it to overtake gold as the ultimate bolt hole of frightened money.”

The important cultural aspect of the argument is that bitcoin, frankincense, and myrrh do not have a certain ring. In due course, the supply of greater fools is going to run out.

Peter Schiff, Gold Bug, Says That Sub-$10K Bitcoin Price is ‘Highly Likely. Schiff’s recent poll shows that 54% of 37,000 people still HODL.

Although bitcoin isn’t dead, it still has its critics, such as Nouriel Roubini (an Iranian-American economist), and Peter Schiff (an economist and gold bug). According to the gold bug Schiff, bitcoin and other crypto assets will continue to fall in value. Schiff held a survey on Twitter. He stated that if bitcoin falls below $30K, it is highly probable that it will fall below $10K. Schiff added that this means that any BTC holder must make an important decision. Schiff asked, “What are you going to do?” “You need to make a decision now, so that you don’t panic or rush into a spur-of the-moment decision.

2022 Bitcoin Obituaries List Outpaces First 3 Years, Schiff Says Its ‘Highly Likely Bitcoin Will Crash Below $10K'
Results from Peter Schiff’s recent poll which got 37,132 votes.

Schiff then left a poll in his Twitter thread that gives people some choices on what they would do. Choice one was “it won’t break below $30K,” which received 19.6% of the 37,000 votes. 54.5% said they would “HODL,” and 15.5% said they would sell and buy lower. Roughly 10.4% of the surveyed participants said they would sell bitcoin and would not rebuy. In Schiff’s eyes bitcoin will always be dead, and he wholeheartedly believes the precious metal gold will continue to soar.

“The 6% weekend drop in bitcoin was in fact a leading indicator of weakness in other risk assets as stock market futures are trading down 1%,” Schiff said on Monday. “Once investors figure out that Fed rate hikes will result in recession but not a significant reduction in inflation, gold will soar,” the bitcoin detractor added.