Renowned economist Peter Schiff has warned that the conditions in the cryptocurrency industry are ripe for a collapse.
According to him, the price of Ether (ETH), the second largest cryptocurrency by market capitalization, has dropped by 24% in the past 7 hours.
If you haven’t noticed, despite the release of 8 #Ethereum ETFs yesterday, #Ether has dropped over 24% in the past 7 hours. #Bitcoin is also dropping, down 2% at the same time. The stage is set for a #crypto collapse, just in time for the NashVille Bitcoin Conference.
– Peter Schiff (@PeterSchiff) July 25, 2024
Schiff also pointed out that Bitcoin has not been immune to the broad sell-off in the cryptocurrency and stock market realms, falling nearly 2%. He further noted that the market seems to be pricing in a “hard landing.”
Read more:
Kamala Harris: Bitcoin is the money of criminals
Commenting on gold, he said:
I don’t think gold has much downside. This contrasts sharply with Bitcoin and Ethereum, which still have a long way to go.
The economist predicts that if the Federal Reserve does not cut rates, the next economic downturn may start with a stock market crash.
The stock market presented the same on Wednesday, with investor enthusiasm for artificial intelligence (AI) waning, leading to the Nasdaq 1 index dropping over $100 trillion, marking its worst performance since January 2022.
