Peter Schiff says bitcoin will fall to zero in the future

Peter Schiff, a well-known critic of the flagship cryptocurrency and a supporter of gold, has voiced a new pessimistic forecast for the value of bitcoin. According to the economist, the BTC $98,522.62 Bitcoin -0.34% Market capitalization $1.95 trillion VOL. 24 hours $3.58 billion rate will fall to zero in the future.

«Bitcoin will fall to zero anyway. It will just be a long way down,» Peter Schiff wrote on his Twitter page. Also, amid the US banking crisis, Schiff urged his followers to sell bitcoins and other digital assets now, as the crypto industry is «facing new bankruptcies in the near future.»

It is worth noting that according to CoinMarketCap, BTC has already risen in price by more than 60% this year. Most cryptocurrency analysts expect further growth of the market leader, but Schiff disagrees with them. Last December, Peter Schiff said that the first cryptocurrency could fall to $ 5,000, and in September, he said that bitcoin looks like a ship that will soon sink.

According to the analyst, after falling from $ 69,000 to about $ 15,000, bitcoin has not reached its bottom, and further decline is a natural phenomenon that the cryptocurrency market should prepare for in the foreseeable future. Schiff is inclined to believe that «due to the lack of a foundation under bitcoin, the price of the cryptocurrency will eventually fall to zero, and there will be no resource to recover it.»