Euro Pacific Capital CEO and longtime cryptocurrency critic is confident the altcoin market will collapse after token supply exceeds demand.
Euro Pacific Capital CEO and cryptocurrency critic Peter Schiff is confident that altcoin prices will collapse overnight after the cryptocurrency bubble bursts.
Peter Schiff noted that there are currently over 12,000 cryptocurrency tokens, 84 of which have a market capitalization of more than $ 1 billion. After the supply of tokens exceeds demand, the altcoin market will collapse, Schiff explained.
There are now over 12,000 crypto tokens, 84 of which currently have market caps above $1 billion. There is nothing special about #Bitcoin. The supply of altcoins will keep growing until the crypto bubble pops. Supply will overwhelm demand and prices will implode almost overnight.
— Peter Schiff (@PeterSchiff) September 21, 2021
Last year, Schiff argued that bitcoin can never exceed $ 20 thousand. Also, the businessman called the main cryptocurrency “a sinking ship.”
#Gold is only about 13% below its 2011 record high. #Bitcoin is about 65% below its 2017 high. Big difference. Gold will soon take out its record high. Bitcoin may never make a new high!
— Peter Schiff (@PeterSchiff) March 24, 2020
Peter Schiff is one of the most famous critics of the first cryptocurrency. In 2011, when BTC was worth about $ 1, he said that he would prefer to invest $ 10,000 in gold rather than bitcoin, since it is not known what will happen to him in a few years. During this time, the first cryptocurrency has risen in price by 4,324,900%.
As #Bitcoin crashes below 7K hodlers going down with the ship can no longer take comfort in Bitcoin still being up for the year. As the air continues to come out of this bubble, the faithful will always be able to point to a past date from which the price of Bitcoin is still up.
— Peter Schiff (@PeterSchiff) March 12, 2020