According to popular skeptics of digital assets, the altcoin market may “emerge” in one day
In his last book tweetSchiffGold Chairman and famous Bitcoin skeptic Peter Schiff expressed his feelings about the current state of the cryptocurrency industry, Bitcoin, and the altcoin market in general. He said that the current supply is much higher than the current demand in the market. Such circumstances may lead to a rapid decline in the prices of alternative coins and the industry as a whole.
Schiff stated that when supply outweighs demand, prices can explode almost overnight, referring to the famous 15-20% one-day correction introduced in the market in May. During the recent market correction, both Bitcoin and altcoins experienced a massive 5-10% correction.
There are now over 12,000 cryptocurrencies, 84 of which have a market cap of over $1 billion. There is nothing special about it # bitcoin. The supply of digital currencies will continue to grow until the crypto bubble pops. Supply will outweigh demand and prices will explode overnight.
– Peter Schiff September 21, 2021
Several market analysts and experts have noted that the correction in the cryptocurrency market may be linked to increased global risks associated with a possible default that Chinese developer Evergrande might face.
At press time, Bitcoin is trading in the $43,000 range after an 8.5% correction in one day. After a strong drop, Bitcoin bounced back from $40,000 and is now not moving in either direction and forming a candlestick pattern known as a Bullish Hammer which usually appears at the bottom of a downtrend movement.
On the same topic, Schiff responded to a commentator talking about Bitcoin’s ability to remove costs and latency from financial systems.
The only thing Bitcoin will remove is money from the pockets of people foolish enough to buy it.
Previously, Schiff supported the fact that bitcoin is replacing gold as a hedge asset. According to the CEO of Euro Pacific Capital, if Bitcoin becomes a new popular hedge asset, gold will have less selling pressure, which will lead to a potential rally.