The end of the cryptocurrency dream, says economist

Peter Schiff, a well-known supporter of gold, constantly criticizes cryptocurrencies, especially bitcoin. His pessimistic predictions cause a lot of controversy in the financial world.
Schiff bluntly states that the cryptocurrency dream is over and the only salvation remains the most precious bullion - gold.

Bitcoin and the near-term outlook for investors

The American economist has always demonstrated a bearish attitude towards bitcoin, regardless of how its price has been rising. His arguments remain unchanged and continue to spark discussions about the future of cryptocurrencies. In a recent post on social media platform X, he warned investors in digital gold of a possible negative event - a severe drop in the price of BTC.
According to Schiff, bitcoin is now only 18.5 percent away from its all-time peak. It is only a matter of time before the bitcoin price falls again, explains the author of many negative predictions about the cryptocurrency market.
Moreover, the economist argues that the psychological support level at $60,000 is unlikely to hold. His forecasts point to the possibility of bitcoin falling to 20,000 US dollars. He also points to the recent rise in gold prices as a sign of changing investor preferences.
However, not all analysts share Schiff's pessimistic approach. Tuur Demeester, another well-known cryptocurrency expert, suggests that the US$60,000 level could be the bottom of the current correction. In his opinion, a 20 percent drop from the last peak could be relatively small.

"I think the bottom of this correction is likely to be the $60,000 level. A 20 percent drop from the peak."

The end of the cryptocurrency dream according to Schiff

In one of Schiff's recent posts, you can read that new investors, especially those investing in ETFs, should prepare for a blowback from the market. Indeed, Schiff argues that the situation is not looking good for BTC enthusiasts. He suggests that the price could fall well below $60,000.

"The situation doesn't look good for hodlers. You have to hope that bitcoin will be able to stay at the level of 60,000 USD. Otherwise, we are in for a long way down. All hardcore bitcoiners are used to big drops. But novice ETF investors are in for a brutal awakening."

According to the American economist, the recent recovery in gold prices could be a sign of changing investor preferences. The value of the precious bullion itself is currently stable and its price is trending upward. According to Schiff, gold is once again becoming an attractive option for investors, especially amid uncertainty in the cryptocurrency market.
While bitcoin may be going through bad times, cryptocurrency supporters still believe in its future. For them, the cryptocurrency market is full of surprises and opportunities despite the bearish predictions. In the financial world, nothing is certain.