Valueless Cryptocurrency will become extinct

Washington: ‘Cryptocurrency has no value. Investors should sell the currency before it depreciates. Because Cryptocurrency is on the verge of extinction soon,’ warned US economist and investor Peter Schiff. Schiff also mentioned the ‘FTX’ scam in the cryptocurrency sector. The value of cryptocurrencies has fallen drastically in the wake of other scams, including FTX. The value of Cryptocurrency, which was at three trillion dollars (three hundred thousand crores) in 2021, has fallen to 800 billion dollars in early 2023.

Moreover, Peter Schiff is known as one of the leading US economists and investors. Schiff is currently working as the head of four finance and investment sector companies, namely ‘Euro Capital Pacific Inc.’, ‘Euro Pacific Asset Management’, ‘Euro Pacific Bank’ and ‘Schiff Gold’, as well as an investment consultant. Investors are also regularly warned by Peter Schiff, who is an active commentator on various news channels. A staunch opponent of cryptocurrencies, including Bitcoin, Schiff is also a proponent of investing in gold. Schiff is recognised as one of the most responsible analysts for predicting the financial crisis of 2008-09.

In the last two years, many scams have come to the fore in the cryptocurrency sector and many companies with different types of ‘tokens’ (coins) have announced scams. Investments in some tokens and companies have completely disappeared, affecting millions of people. It has been revealed that billions of dollars have been completely lost due to crypto investments. A prime example of this is the FTX scam that was revealed at the end of last year. After this scandal, leading experts in the banking and finance sector have started issuing warnings about the cryptocurrency sector. It has also been warned that the next crisis in the global economy will come from the cryptocurrency sector.

Against this background, the warning given by Peter Schiff becomes attention-grabbing. In an OTT broadcast channel interview a few days ago, Schiff predicted that 2023 will be a bad year for the cryptocurrency sector. He claimed that 2023 would see a steeper decline in cryptocurrency value than 2022. Schiff also predicted the possibility that the value of leading cryptocurrencies, such as Bitcoin, would collapse to five thousand dollars. At this time, he also warned that most of the investors in Bitcoin will sell Bitcoin only after it collapses so much.

‘The current downturn in the cryptocurrency space is not a crypto winter. That 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. Crypto is on the verge of complete extinction,’ warned Peter Schiff. At the same time, Schiff has also predicted that in the future, ‘asset-backed cryptos’, which are based on gold, may appear and the price of gold may rise.

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