In his post, Peter Schiff pointed to the bankruptcy of Silvergate Bank, which served many cryptocurrency companies. Against this background, as well as in view of economic indicators in the United States, the rates of major cryptocurrencies have declined markedly in recent weeks.
“If cryptocurrencies are the future, then why has the big cryptocurrency bank Silvergate already gone? The industry is facing a wave of bankruptcies of blockchain-related companies, which will turn the crypto winter into a terrifying cold for all digital assets. Sell your bitcoins and invest in gold!” the economist wrote.
Interestingly, Peter Schiff’s son, Spencer Schiff, does not support his father. He wrote that, indeed, cryptocurrency and blockchain companies can go bankrupt, but bitcoin will not go to the bottom, but rather become a lifeboat for the entire industry.
Note that over the past day, the rate of the first cryptocurrency has increased by 2.5%. BTC is currently trading at $20,400.
In December last year, Schiff said that Bitcoin could fall to $5,000.
