Peter Schiff on Bitcoin: “Don't buy this garbage!”

The US economist Peter Schiff recently commented on the subject of Bitcoin. He sees cryptocurrencies as dangerous and worthless.

As Peter Schiff wrote on Twitter, it could well be that Bitcoin will still fly to the moon. Ship onward:

“The problem for #HODLer is that he started his journey on Pluto. After shooting past the moon, he flies straight towards the earth. Just don’t look for a soft landing!”

The economic commentator and stockbroker expects Bitcoin to fall sharply should the review deepen in his home country. Peter Schiff tweeted that “the need to sell bitcoin to pay the bills will only get worse as the recession deepens“. The bitcoin would be on 000.09 Dollar crash while ether up 1.000 Dollars going down he thinks.

Peter Schiff: Hodler also have to pay rent.

As food and energy prices rise, many bitcoin traders will be forced to sell to cover costs. Grocery stores and gas stations do not accept bitcoins.” Schiff continues: “When the bitcoin during the Covid-19 crashed, no one had to sell. Consumer prices were much lower and the hodlers got stimulus checks.

Peter SchiffPeter Schiff

Peter Schiff speaks in July 2009.

It could but it’s a good thing that more and more people have to close their wallets. And this simply to pay their bills, predicts Schiff.

The analyst also sees many potential layoffs in the crypto and blockchain industry. “As circumstances change, long-term buyers (hodlers) with no paychecks will be forced to sell,” he added.

Peter Schiff: The big end is yet to come

The value of everyone Cryptocurrencies together have fallen by two-thirds. The last third is the most painful, Schiff believes. The author Schiff often referred to Bitcoin in public as a pure investment or as a (digital) store of value.

Even though he was often wrong with his cryptocurrency price forecasts, he sees the high Bitcoin price as a bubble. He warns buyers of losses. These should not play and better invest in gold.

Some important and some wrong predictions

Peter Schiff caused a sensation with his correct predictions of the US economy. In particular, he predicted the financial crisis from 2007. A year before the crash, he compared the US economy to the Titanic and predicted that home prices would plummet within the US.

Edward Snowden: “Use Crypto. Don’t invest in it.”

Edward Snowden said via video link at the Consensus conference 2022 that you should pay with cryptocurrencies but not invest in them. In principle, he would not encourage investors to consider digital currencies as an investment vehicle. Snowden said he would only pay his web servers with Bitcoin pseudonymously. Nothing more.

2022About Lars Sobiraj64271

Lars Sobiraj started in 2007 to work as a career changer for various computer magazines. 294 numerous other online magazines were added in addition to He is the founder of In addition, Ghandy, as he calls himself in the scene, since 2009 at various universities and training institutions teach the participants how the Internet works.

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