TL; DR Breakdown
- Peter Schiff has said BTC will eventual crash to $15,000
- Advises investors to sell off now before massive crash
- Robert Kiyosaki argues against Schiff, says crash is opportunity to invest
Gold bug and anti-crypto economist Peter Schiff has said that following the recent crypto market crash, Bitcoin would drop as low as $15,000. After the number one crypto dropped to $42,000, he said that it will slip further to $30,000 before dipping to $15,000.
He also advised investors with underlying debt against their BTC to begin a sell-off before it is too late. “You had better sell enough Bitcoin now to repay your debt rather than be liquidated later at much lower prices,” he wrote.
Schiff’s comment comes when Bitcoin price stagnated for weeks before an overnight crash. The fear index is high, and the fright of investors continues to linger as the global crypto market cap fell over 9 percent in past 24 hours, standing slightly above the $2 trillion mark.
At the time of writing, Bitcoin is slightly above $42,000 with a one percent deficit over the past 24 hours. Its market cap has dropped below $800 billion.
After Bitcoin plummeted, other coins have also dropped considerably, marking the first big crash of 2022.
Robert Kiyosaki argues against Schiff’s Bitcoin price prediction
Towards the end of 2021, Schiff said that Bitcoin would continue to lose its advantage over altcoins as more and more altcoins continue to lunch in the crypto market.
However, the author of popular finance book Rich Dad Poor Dad, Robert Kiyosaki, argued against Schiff’s opinion. Before now, Kiyosaki has also said the biggest upcoming crash for Bitcoin, Gold, silver, and real estate in December.
Nevertheless, he blamed “Fake Inflation” to be the reason and noted that when the fake inflation crashes, the market will go back up. He further advised to treat the crash as an investment opportunity instead of liquidating at the fight sign of a drop.