Gaga prediction or realistic? Bitcoin is exploding, Ethereum too - but this gold guru is warning of a new crypto crash

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Bitcoin has gained more than $ 14,000 since the beginning of the year, Ethereum is trading at an 8-month high – but the gold guru Peter Schiff is sure: the next crash is just around the corner. In his estimation, the institutional acceptance of cryptocurrencies will soon be stagnant.

Gold guru sees new crypto crash coming

Peter Schiff, a stockbroker and radio host, has long been known in the crypto community as a vocal critic of Bitcoin and other cryptocurrencies. According to Schiff, BTC is nothing but a bubble that will eventually burst – whoever buys it is a fool, according to the American.

Schiff also warns investors about the next crypto crash – it will surely come. Should you question the future of Bitcoin?

A popular industry watcher is skeptical of Bitcoin’s long-term viability. He warns investors about a potential cryptocurrency crash, arguing that enthusiasm for the underlying technology has waned.

Schiff also criticized the CNBC interview with Galaxy Digital CEO Mike Novogratz. Moans Schiff on Twitter: The broadcaster failed to ask Novogratz tough questions and was “biased” about cryptocurrencies.

the #Bitcoin pump on @CNBC wearing nothing but soft balls @nuagratzwhich basically admitted that the entire Bitcoin rally was driven by existing #Gaelóirí buying more. Institutional adoption is over. the #blockchain letter gone out of chain. Get ready for the next accident.
— Peter Schiff (@PeterSchiff) April 11, 2023

According to Schiff, BTC’s recent rally was due to more people buying existing holders — rather than institutional takeovers. According to Schiff, a worrying sign for the long-term potential of cryptocurrencies.

According to the gold fans, the situation shows that the adoption of Bitcoin is limited and the cryptocurrency may not be as valuable as some investors believe.

Bitcoin and its critics

In addition to Schiff, there are many notable people who express skepticism about Bitcoin. One of the most famous of these people is Warren Buffett, the billionaire investor and CEO of Berkshire Hathaway. According to him, Bitcoin is “rat poison” and has no “intrinsic value”.

Top economist Nouriel Roubini, on the other hand, compares Bitcoin to a “gigantic speculative bubble” – the market will therefore collapse at some point, according to Roubini.

‘Dr. Doom’ Nouriel Roubini Warns of Coming Banking Crisis and Trilemma for Central Banks – Bitcoin News Economics https://t.co/2HA6JwS4E4 April 03, 2023 at 06:32AM #CryptoMoney
— Crypto Faucet Sites & Crypto News Tweets (@btcfaucets_2023) April 3, 2023

In addition, there are still concerns about the lack of regulatory clarity. Many argue that a lack of oversight in the industry leads to fraud and abuse.

So many countries are currently working on creating a regulatory framework for cryptocurrencies and blockchain technology. The United States Securities and Exchange Commission, for example, is taking steps to clarify its position on cryptocurrencies and initial coin offerings (ICOs).

On the other hand, the European Union has introduced a comprehensive set of rules with the Fifth Anti-Money Laundering Directive (5AMLD) which requires cryptocurrency exchanges to subject their customers to due diligence. So a lot is happening, the industry is changing fast – hopefully investors will benefit.

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Text credit: Bitcoinist