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The financier reflects on the collapse of Bitcoin
Well-known Bitcoin adversary Peter Schiff predicted the impending collapse of the cryptocurrency bubble once again
Sep 22, 2021
1 min read
Anna BakkerNews analyzer

In contrast to this opinion, Galaxy Digital CEO Mike Novograt believes that there is no cause for concern if the value of Bitcoin stays above $ 40,000.

During today's trading, Bitcoin briefly dipped below the $ 40,000 round mark and then quickly rallied above $ 42,000.

The main cryptocurrency was able to recover thanks to the message that the debt-backed Chinese developer Evergrande is ready to pay the bond on September 23rd. In light of this news, the US stock market declined slightly. Bitcoin, which recently showed a high correlation with the S&P 500 Index, also rallied.

Gold devotee Peter Schiff has once again lashed out at Bitcoin and predicted the imminent end of the cryptocurrency bubble.

Peter Schiff's reasoning is based on the fact that there are currently over 12,000 tokens, 84 of which have a market value of over $ 1 billion and the supply of altcoins will continue to grow until the cryptocurrency bubble bursts. Very soon, supply will exceed demand, and prices for all cryptocurrencies will drop to zero.

Peter Schiff does not believe that Bitcoin will eliminate costs and delays in our financial network. He believes that the first cryptocurrency will ultimately only take away the money of gullible investors.

Meanwhile, Galaxy Digital CEO Mike Novograt argues that as long as bitcoin is worth more than $ 40,000, there is no cause for concern and the adoption of the cryptocurrency at the institutional level continues.

Mike Novograt also noted that the crypto market has become too optimistic, and the news from China scared everyone, $ 40,000 for bitcoin and $ 2800 for ether are very important levels and the market is in good shape.

On a positive note for Bitcoin and the entire cryptocurrency market, the authorities continue to enter the cryptosphere, and this trend has a lot of support for the entire cryptocurrency industry.

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