As a world-renowned economist explains, the recent increase in the Bitcoin (BTC) rate is not the achievement of China, but the work of bitcoin whales who sell cryptocurrency before the upcoming market crash. He claims that the cryptocurrency market has been manipulated and that BTC will not hit any new highs.
After the las week's events during which Bitcoin recorded one of the biggest increases in the history of its existence and crossed the magic limit of USD 10,000, many observers of the industry are wondering if there are any chances for further increases and new highs. Some predict that its price will soon amount to USD 20,000, while others, on the other hand, like John McAfee (the creator of the popular anti-virus software), say ... USD 2,000,000. Some experts present more pessimistic forecasts, though.
Peter Schiff: recent increases are the manipulation of whales
Peter Schiff, the CEO of Euro Pacific Capital, known for forecasting the financial crisis in 2008, is not disturbed by recent Bitcoin increases that much. The increase in the BTC price that eventually amounted to 42%, does not fill him with optimism, but quite the opposite. In his latest tweet, he claims that the cryptocurrency market has been manipulated by deep-pocket whales who, by selling their BTC, protect themselves against the oncoming market crash. They take advantage of holders who are deluded by the vision of making money thanks to the growth.
He ruthlessly shatters the dreams of Bitcoin owners who hope that the "model" cryptocurrency will soon reach new highs.
Schiff writes that China had nothing to do with recent increases, contrary to what most analysts and cryptocurrency market experts say. In his opinion, it looks more as if the market was being manipulated by whales who take advantage of such opportunities to attract other investors and "dump" more Bitcoin at higher prices.
Schiff is not a supporter of cryptocurrencies and this is not the first time that he has repeated his opinions regarding the manipulation of the Bitcoin market. Earlier, he announced a BTC decline to USD 4,000, sometimes even to USD 2,000, but both forecasts proved to be incorrect. What will happen with this one? It will soon turn out whether this prediction is wrong too or if maybe this time he was right, as in the case of the crisis on the financial market in 2008.