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Bitcoin (BTC) Price Crash Proves It's Unreliable as a Reserve Asset, Peter Schiff Argues

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Aug 06, 2024 am 12:25 AM

BitcoinPeter Schiff Price Crash Reserve Asset

Schiff says Bitcoin is heading towards failure, ignoring optimistic investor views. CryptoQuant warns Bitcoin might fall further to $40,000 amid current market conditions.

Bitcoin (BTC) Price Crash Proves It's Unreliable as a Reserve Asset, Peter Schiff Argues

Economist Peter Schiff has shared his thoughts on Bitcoin's recent price crash, arguing that it highlights why the cryptocurrency will never be adopted as a reserve asset by major governments or central banks.

In a recent tweet, Schiff expressed his frustration with Bitcoin investors, accusing them of ignoring the true state of the market and remaining overly optimistic. He also pointed out that Bitcoin's drop below its March lows, now trading around $51,000, marks a significant 20% decline since the closing prices of Bitcoin ETFs last Friday, an event he describes as a "Crypto Black Monday."

Schiff's main contention is that Bitcoin's price volatility, as evidenced by recent market crashes, makes it unsuitable to be a reliable reserve asset. He believes that the recent market crashes, despite more interest from investors and new Bitcoin ETFs, will ultimately prevent the cryptocurrency from gaining widespread acceptance.

notably, at the recent Bitcoin Conference 2024, former U.S. President Donald Trump mentioned his interest in using Bitcoin (BTC) as a “strategic reserve” asset.

Meanwhile, all eyes are on whether Bitcoin can stabilize around the $51,000 mark or face even deeper losses as the market continues to battle between bulls and bears. Bitcoin's price has dropped to $50,006 at the moment, showing a decline of over 18% in a day and 28% over the past week.

As reported earlier by Coinpedia, CryptoQuant, a leading provider of on-chain data and analytics, has issued a warning about Bitcoin. Their analysis suggests that the cryptocurrency might decline even further, potentially dropping to $40,000.

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