{"id":9973,"date":"2024-01-20T12:56:54","date_gmt":"2024-01-20T10:56:54","guid":{"rendered":"https:\/\/forklog.com\/en\/peter-schiff-predicts-further-bitcoin-decline\/"},"modified":"2024-01-20T12:56:54","modified_gmt":"2024-01-20T10:56:54","slug":"peter-schiff-predicts-further-bitcoin-decline","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-predicts-further-bitcoin-decline\/","title":{"rendered":"Peter Schiff Predicts Further Bitcoin Decline"},"content":{"rendered":"<p>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.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The reason that investor buying of the new <a href=\"https:\/\/twitter.com\/hashtag\/BitcoinETFs?src=hash&#038;ref_src=twsrc%5Etfw\">#BitcoinETFs<\/a> isn\u2019t pushing up the price of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is that the outflows from <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$GBTC<\/a> plus selling of <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> exceed the combined inflows into all of the other ten Bitcoin ETFs. Once the initial ETF demand wanes, I expect a bigger price drop.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1747692623236915749?ref_src=twsrc%5Etfw\">January 17, 2024<\/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\"><p>\n<cite>\u201cInvestments in new bitcoin ETFs are not leading to a rise in the asset&#8217;s price because outflows from <span data-descr=\"Grayscale Bitcoin Trust\" class=\"old_tooltip\">GBTC<\/span> 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,\u201d he wrote.<\/cite><\/p><\/blockquote>\n<p>Former hedge fund manager of Cramer &#038; Co. and host of Mad Money, Jim Cramer, described the bitcoin price drop as an \u201cunpleasant start to the selloff.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Nasty beginning to the bitcoin selloff. Someone\u2019s probably going to try to make a stand here but as we said last night you can\u2019t have an asset double in value by hundreds of billions of dollars in anticipation of an ETF and then almost no one shows up<\/p>\n<p>\u2014 Jim Cramer (@jimcramer) <a href=\"https:\/\/twitter.com\/jimcramer\/status\/1748111734286500122?ref_src=twsrc%5Etfw\">January 18, 2024<\/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\"><p>\n<cite>\u201cSomeone 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,\u201d he explained.<\/cite><\/p><\/blockquote>\n<p>Cramer also mentioned renowned trader Larry Williams, who allegedly warned that \u201cthe crypto market is very far from the bottom.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The legendary Larry Williams warning me that we are very far from the bottom in crypto<\/p>\n<p>\u2014 Jim Cramer (@jimcramer) <a href=\"https:\/\/twitter.com\/jimcramer\/status\/1748022645054988294?ref_src=twsrc%5Etfw\">January 18, 2024<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On January 13, the leading cryptocurrency <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-dips-below-43000-amid-etf-criticism\">fell below $43,000<\/a>. On January 19, bitcoin prices briefly dipped below $41,000. At the time of writing, digital gold is trading at $41,500.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-01-20-v-12.45.24-1024x640.png\" alt=\"Snimok-ekrana-2024-01-20-v-12.45.24\" class=\"wp-image-224288\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-01-20-v-12.45.24-1024x640.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-01-20-v-12.45.24-300x188.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-01-20-v-12.45.24-768x480.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-01-20-v-12.45.24-1536x960.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Snimok-ekrana-2024-01-20-v-12.45.24-2048x1280.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly chart of BTC\/USDT on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>In November 2023, Cramer advised anyone wanting to buy bitcoin to \u201cjust do it.\u201d 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.<\/p>\n<p>Back in the same month, Schiff described the leading cryptocurrency as a \u201ccheap imitation\u201d of gold.<\/p>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019t pushing up the price of #Bitcoin is that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1297,1150,1298],"class_list":["post-9973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-jim-cramer","tag-news-plus","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/9973","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=9973"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/9973\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/9972"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=9973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=9973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=9973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}