{"id":49885,"date":"2021-09-21T18:08:02","date_gmt":"2021-09-21T15:08:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49885"},"modified":"2025-09-02T14:55:57","modified_gmt":"2025-09-02T11:55:57","slug":"peter-schiff-forecasts-an-imminent-collapse-of-the-cryptocurrency-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-forecasts-an-imminent-collapse-of-the-cryptocurrency-market\/","title":{"rendered":"Peter Schiff forecasts an imminent collapse of the cryptocurrency market."},"content":{"rendered":"<p>Peter Schiff, a gold advocate, once again criticized Bitcoin and warned of an imminent end to the cryptocurrency bubble.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">There are now over 12,000 crypto tokens, 84 of which currently have market caps above $1 billion. There is nothing special about <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>. The supply of altcoins will keep growing until the crypto bubble pops. Supply will overwhelm demand and prices will implode almost overnight.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1440111602443952131?ref_src=twsrc%5Etfw\">September 21, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;There are now more than 12,000 tokens, 84 of which currently have a market cap above $1 billion. There is nothing special about Bitcoin. The supply of altcoins will grow until the crypto bubble bursts. Supply will outpace demand and prices will collapse almost overnight,&#8221; Schiff wrote.<\/p>\n<\/blockquote>\n<p>In the comments, he also reaffirmed his commitment to the precious metal and noted that gold&#8217;s value lies in its utility.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Gold&#8217;s value is in its utility. You can do more with gold than any other metal, and it doesn&#8217;t lose any of its unique properties over time.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1440112478051086339?ref_src=twsrc%5Etfw\">September 21, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;With gold you can do more than with any other metal, and over time it does not lose its distinctive properties,&#8221; Schiff emphasised.<\/p>\n<\/blockquote>\n<p>One user noted that Bitcoin and Ethereum are the &#8220;Amazon and Google of the crypto revolution&#8221;:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The Internet revolution eliminated costs and delays in our information networks. Bitcoin will eliminate costs and delays in our financial networks.&#8221;<\/p>\n<\/blockquote>\n<p>In response, Schiff wrote that the first cryptocurrency &#8220;will remove money from the pockets of people foolish enough to buy it&#8221;.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The only thing <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> will remove is money from the pockets of people foolish enough to buy it.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1440112763221815296?ref_src=twsrc%5Etfw\">September 21, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Bitcoin<a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-falls-below-43000-2\"> breached the $43,000 level<\/a>, and the second-largest cryptocurrency fell below the psychological threshold of $3,000. At the time of writing, BTC was trading around $42,700, ETH just above $3,000. The negative impact on traditional and crypto markets was the potential default of <a href=\"https:\/\/u1f987.com\/en\/news\/possible-default-by-a-chinese-developer-rattled-markets-weighing-on-bitcoin\">Evergrande<\/a>, one of China&#8217;s largest construction companies.<\/p>\n<p>In August Schiff <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-if-i-could-go-back-i-would-buy-bitcoin\">called it a serious mistake<\/a> not to have bought the first cryptocurrency when he first learned about it in 2011.<\/p>\n<p>During debates over the superiority of precious metal over Bitcoin with SkyBridge Capital founder Anthony Scaramucci<a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-wins-debate-over-golds-advantage-over-bitcoin\"> Schiff said that comparing the two assets is meaningless<\/a>, since the cryptocurrency \u201clacks the qualities that give gold its value.\u201d<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff, a gold advocate, again criticized Bitcoin and warned of an imminent end to the cryptocurrency bubble.<\/p>\n","protected":false},"author":1,"featured_media":49886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1269,1138,1298],"class_list":["post-49885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cryptocurrencies","tag-opinions","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"35","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49885","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=49885"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49885\/revisions"}],"predecessor-version":[{"id":49887,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49885\/revisions\/49887"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/49886"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=49885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=49885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=49885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}