Bitcoin is predicted to fall below $ 10,000

Peter Schiff, CEO of Euro Pacific Capital and chairman of SchiffGold, who is also a well-known critic of bitcoin and cryptocurrencies in general, said that BTC expects its value to fall below $ 10,000.

According to Peter Schiff in an interview with Kitco, despite the trend of bitcoin’s recovery, its price will continue to fall. Earlier, Schiff called the flagship cryptocurrency a «great fool’s scheme» and said that it would inevitably fail.

Interestingly, in early June, the CEO of Euro Pacific Capital predicted the value of BTC at $ 20,000 and ETH at $ 1,000. At the time, Schiff recommended that traders and investors refrain from buying cryptocurrencies. However, despite Peter Schiff’s negative forecasts, at the time of writing, bitcoin is trading at $ 23,947.

On Monday, August 8, bitcoin rose to $ 24,000 for the first time in a long time. Probably, one of the things that could have contributed to this is the recent announcement of a partnership between the investment company BlackRock and Coinbase. on August 4, Coinbase’s Head of Institutional Brett Tapol and Head of Institutional Product Greg Tusar published a blog post stating that Coinbase and BlackRock are going to «create new access points for institutional cryptocurrency.»