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After every drop in the value of bitcoin, opponents of the leading digital currency enter the arena.
Among the so-called BTC skeptics stands out Peter Schiff. He constantly criticizes the cryptocurrency and calls it a bubble. In his opinion, only gold can be called a hedging instrument.
Bitcoin is a speculative asset, and the vast majority of investors always take a loss if they decide to invest some of their capital in it. This week, Peter Schiff predicted a bitcoin collapse to $8,000.
The financier made this statement when the cryptocurrency was still trading above $30,000.
As his main argument, he pointed to the escalating volatility last week, which caused BTC to fall to $26,700.
Schiff analyzed the cryptocurrency’s current position and concluded that it should not count on support in the current cycle. Most likely, we are waiting for a strong pullback, and bitcoin will find the bottom only around 8000.
According to Schiff, it is better to put all of your capital into buying the precious metal. In this case, the investor will protect his savings from inflation, which is accelerating.
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