Euro Pacific Capital CEO Claims Crypto Companies Absorb Too Much Investment.
Euro Pacific Capital CEO and cryptocurrency critic Peter Schiff said the adoption and rise in popularity of Crypto assets could trigger consumer prices to rise.
Schiff tweeted that cryptocurrency companies are absorbing large amounts of investment that could have gone into other sectors of the economy to produce consumer goods.
The #crypto craze adds to the upward pressure #inflation puts on consumer prices. Capital that goes into funding crypto related enterprises and NFTs isn't available to fund capital investment in industries that actually produce real consumer goods. Less stuff means higher prices.
— Peter Schiff (@PeterSchiff) September 22, 2021
“Less goods – higher prices,” said the head of Euro Pacific Capital.
This week, Schiff warned cryptocurrency holders about the possible crash of altcoins. According to him, there are already more than 12 thousand different digital coins on the crypto market and their prices will collapse overnight as soon as the supply of tokens exceeds demand.
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
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
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 4 359 900%.
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