Peter Schiff is ready to explain why bitcoin should not be held right now. A critic of bitcoin and cryptocurrencies Peter Schiff actively pushed the story of the sale to its supporters, following Block.fi’s announcement of its inability to operate as usual.
Peter Schiff also added that there is a lot more to come in the foreseeable future and recommended that his followers sell all their bitcoin if they have any left, if it is possible for them. For now, FTX is the only exchange in the top 10 not able to process withdrawals at full capacity.
This doesn’t look good, but it’s to be expected. Lots more to come. Sell your #Bitcoin if you can, as many people who would like to sell can’t. https://t.co/SAwrlp68lP
—Peter Schiff (@PeterSchiff) November 11, 2022
Obviously, the situation around Block.fi was caused by the insolvency of FTX. The cryptocurrency lending and borrowing platform announced a halt to withdrawals and advised its customers to refrain from making deposits until further notice.
However, the fall of FTX is not the only reason why Peter Schiff is worried about the future of the first cryptocurrency. According to the economist, the latest CPI data release should not be seen as fuel for bitcoin or the cryptocurrency market in general.
Peter Schiff’s reasoning is based on the current state of the industry, which will dip even further during the escalation of the FTX situation. The gold endorser believes the market is too risky at this point to enter, and that the Fed’s pivot will not save it from a potential crash.
Despite Peter Schiff’s penchant for bitcoin, the unexpectedly positive CPI release indeed became fuel for the stock market, with the S&P500 ending a day with 5% growth, while bitcoin barely managed to close. the day in the green.
The majority of altcoins, however, showed investors double-digit gains yesterday, with some even returning to pre-FTX dump levels.