Peter Schiff: Bitcoin Is Scarce, But It Does Not Matter In This Crash
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Bitcoin's Heaviest Declines and Scarcity
The biggest decline in two months occurred on Tuesday when it fell by 5.61% to a low of $18,630. Peter Schiff said in his tweet that there is not just a protracted Bitcoin collapse but also a sharp decline in BTC dominance. The current value of this indicator is 38.1%, the lowest level seen since the previous crypto winter in June 2018.
Schiff believes that the fact that Bitcoin must compete with roughly 21,000 other cryptocurrencies, NFTs, and crypto-based stocks is the reason for its loss of market dominance. Schiff has described Bitcoin and the other cryptocurrencies to which BTC is losing market share as being "intrinsically worth less."
The economist acknowledged that Bitcoin is a rare asset. However, he claimed that presently, altcoins have a far larger supply than BTC. Thus, this does not matter. Bitcoin supporters, including Spencer Schiff, raced to convince Schiff that he was wrong.
"$20,000 Is False Bottom"
Fund manager and gold enthusiast Schiff stated on Twitter on Tuesday that he believed the benchmark cryptocurrency's price of $20,000 to be a false bottom.
He stated that BTC has been trading around that level for almost two weeks as the market allowed gullible investors to get on board. To avoid it being too late, he advised exiting the "sinking ship.