Peter Schiff Insists This Isn’t ‘Crypto Winter’, Rather ‘Crypto Extinction’

Now that FTX has collapsed, Schiff has doubled down on his belief and he hasn’t wasted an opportunity to pounce on bitcoin in the chaos. On Monday, Schiff said on Twitter that currently it’s “nor a crypto winter“nor one”crypto ice age“, because it implies an upcoming spring thaw. Schiff insists that the price of bitcoin is not going to rebound and that this time around he thinks we are going to see a “crypto extinction“.

Peter Schiff expects a cryptocurrency extinction rather than a cryptocurrency winter thaw.

Peter Schiff has been criticizing crypto these days since the collapse of FTX last week. Peter Schiff said on Monday that he was due to make a presentation at the Dubai Precious Metals Conference (DPMC) on November 21-22.

Last year the keynote address was delivered by Michael Saylor“, said Schiff in a tweet. “He told the public to sell all their gold and buy bitcoins. On the day he spoke, bitcoin was trading above $60K, while gold was trading near $1850. Since then, gold has fallen by 4% and bitcoin by 73%.

The DPMC Calendar site states that “the financial expert and author will discuss the end of dollar hegemony, the demise of bitcoin, and the global remonetization of gold.Before revealing that he was participating in the DPMC, Peter Schiff criticized Super Bowl champion Tom Brady’s association with FTX.

With bitcoin so far below the $100K target, I think it’s time for the rest of you to follow Tom Brady and take the laser beams out of your eyes on your Twitter profiles. Tom Brady wouldn’t be the GOAT if he didn’t learn from his mistake,said Peter Schiff

Peter Schiff has added that the crypto economy was the first to crash since the US Federal Reserve began the quantitative tightening cycle. According to Schiff, cryptocurrencies are just the “weakest link in the risk chain, with the most leverage and the least real value.

Peter Schiff insisted that now that the chain has a broken link, “the chain is weaker and more likely to fail.” Schiff also noted recently that he disagreed with Shark Tank star Kevin O’Leary, aka Mr. Wonderful, when O’Leary said he was “flying to Washington” because that he wants crypto regulation now.

I disagree with [Kevin O’Leary],”Schiff replied to in response to O’Leary’s statements. “More government regulation is not the solution. The lesson from the FTX case is that investors need to do better due diligence and not foolishly engage in speculative trading. Moreover, we need sound money with interest rates set by free markets, not central banks.

Peter Schiff thinks the cryptocurrency rally will never be repeated – the bitcoin craze is over.

On the anniversary of bitcoin’s record price five days ago, Peter Schiff have noticed than the entire crypto rally of the last year”was a fraud“. The gold digger further pointed out that the cryptocurrency rally “will never repeat itself – the bitcoin mania is over.On Monday, Schiff spoke about the crypto winter and told his 866,700 Twitter followers that the current crypto downturn is not a crypto winter.

This is not a crypto winter“said Peter Schiff. He then writing. “This implies that spring is coming. It is also not a crypto-ice age, as even that ended after a few million years. It is an extinction of cryptocurrency. But the blockchain will live on. Gold will rise to lead a new breed of asset-backed cryptos“.

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