{"id":14517,"date":"2022-11-15T15:41:59","date_gmt":"2022-11-15T15:41:59","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/gold-bug-peter-schiff-insists-this-is-not-a-crypto-winter-economist-says-its-more-like-crypto-extinction-bitcoin-news\/"},"modified":"2022-11-15T15:41:59","modified_gmt":"2022-11-15T15:41:59","slug":"gold-bug-peter-schiff-insists-this-is-not-a-crypto-winter-economist-says-its-more-like-crypto-extinction-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/gold-bug-peter-schiff-insists-this-is-not-a-crypto-winter-economist-says-its-more-like-crypto-extinction-bitcoin-news\/","title":{"rendered":"Gold Bug Peter Schiff Insists This Is ‘Not a Crypto Winter,’ Economist Says It’s More Like \u2018Crypto Extinction\u2019 \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Since bitcoin started falling from its all-time high last year, the economist and gold bug, Peter Schiff, made sure everyone knows that he wholeheartedly believes the leading crypto asset will fall to zero. Now that FTX has collapsed, Schiff has doubled down on his belief and he\u2019s wasted no opportunities to dunk on bitcoin throughout the chaos. On Monday, Schiff said on Twitter that currently, it\u2019s \u201cnot a crypto winter\u201d nor a \u201ccrypto ice age,\u201d because that implies a spring thaw is coming. Schiff insists bitcoin\u2019s price is not going to bounce back and this time around he thinks we\u2019ll see a \u201ccrypto extinction.\u201d<\/strong><\/p>\n

Peter Schiff Expects a Crypto Extinction Rather Than a Thawing Crypto Winter<\/h2>\n

Peter Schiff has been criticizing bitcoin (BTC)<\/a> a great deal more these days ever since the FTX collapse<\/a> last week. Schiff detailed on Monday that he was scheduled to deliver a keynote presentation at the \u200b\u200bDubai Precious Metals Conference (DPMC) on Nov. 21-22.<\/p>\n

\u201cLast year the keynote was delivered by [Microstrategy\u2019s Michael Saylor],\u201d Schiff tweeted<\/a>. \u201cHe told the audience to sell all their gold and buy bitcoin. On the day he spoke Bitcoin traded above $60K, while gold was trading near $1,850. Since then gold is down 4% and Bitcoin is down 73%.\u201d<\/p>\n

The DPMC schedule<\/a> says that the \u201cfinancial expert and author will discuss the end of dollar hegemony, the demise of bitcoin, and the global remonetisation of gold.\u201d Prior to revealing he was attending the DPMC, Schiff criticized the Super Bowl champion Tom Brady\u2019s<\/a> association with FTX.<\/p>\n

\u201cWith bitcoin so far below the $100K target, I think it\u2019s about time that the rest of you [hodlers] follow [Tom Brady] and remove the laser beams from your eyes on your Twitter profiles. Tom Brady wouldn\u2019t be the GOAT if he didn\u2019t learn from his mistake,\u201d Schiff said<\/a>.<\/p>\n

Schiff added<\/a> that the crypto economy was the first to break since the U.S. Federal Reserve started the quantitive tightening cycle. In Schiff\u2019s opinion, cryptocurrencies are just the \u201cweakest link in the risk chain, having the most leverage and least real value.\u201d<\/p>\n

Schiff insisted that now that the chain has a broken link, \u201cthe chain is weaker and more likely to fail.\u201d Schiff also recently noted that he disagreed with Shark Tank star Kevin O\u2019Leary<\/a>, aka Mr. Wonderful, when O\u2019Leary said<\/a> he was \u201cgoing to fly to Washington\u201d because he wants crypto regulation now.<\/p>\n

\u201cI disagree with [Kevin O\u2019Leary],\u201d Schiff responded<\/a> in response to O\u2019Leary\u2019s statements. \u201cMore Govt. regulation is not the solution. The lesson of FTX is for investors to do better due diligence and not just foolishly jump on speculative [bandwagons]. Also, we need sound money with interest rates set by free markets, not central banks.\u201d<\/p>\n

Schiff Believes the Crypto Rally Will \u2018Never Be Repeated \u2014 Bitcoin Mania Is Over\u2019<\/h2>\n

On the anniversary of bitcoin\u2019s all-time price high five days ago, Schiff remarked<\/a> that the entire crypto rally last year \u201cwas a fraud.\u201d The gold bug further stressed that the crypto rally will \u201cnever be repeated \u2014 bitcoin mania is over.\u201d On Monday, Schiff talked about the crypto winter and told his 866,700 Twitter followers that this current crypto downturn is not a crypto winter.<\/p>\n

\u201cThis is not a crypto winter,\u201d Schiff wrote<\/a>. \u201cThat implies spring is coming. This is also not a crypto ice age, as even that came to an end after a couple of million years. This is crypto extinction. But blockchain will live on. Gold will rise again to lead a new breed of asset-backed cryptos,\u201d Schiff added.<\/p>\n

The economist\u2019s commentary was mocked quite a bit after he said this was a \u201ccrypto extinction,\u201d and one person dunked on Schiff\u2019s now-defunct bank<\/a> in Puerto Rico. \u201cHow\u2019s your bank Peter?\u201d the person asked<\/a>. Schiff however, responded<\/a> to the critic and said: \u201cIt would have been doing great, but [the] government and the media killed it \u2014 The market will kill bitcoin.\u201d<\/p>\n

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\nTags in this story
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Bitcoin<\/a>, Bitcoin (BTC)<\/a>, BTC rally<\/a>, Central Banks<\/a>, crypto assets<\/a>, crypto economy<\/a>, crypto extinction<\/a>, crypto rally<\/a>, Crypto Winter<\/a>, Cryptocurrencies<\/a>, DPMC<\/a>, Dubai Precious Metals Conference (DPMC)<\/a>, Economist<\/a>, Free Market<\/a>, FTX Bankruptcy<\/a>, FTX collapse<\/a>, FTX investors<\/a>, gold<\/a>, Gold Bug<\/a>, Government<\/a>, kevin o’leary<\/a>, Microstrategy\u2019s Micheal Saylor<\/a>, opinions<\/a>, Peter Schiff<\/a>, Regulations<\/a>, Schiff<\/a>, statements<\/a>, Tom Brady<\/a><\/div>\n<\/div>\n

What do you think about Peter Schiff\u2019s claims that this time around the crypto economy\u2019s downturn signals a \u201ccrypto extinction\u201d rather than a \u201ccrypto winter\u201d? Let us know your thoughts about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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