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American stockbroker and prominent Bitcoin critic, Peter Schiff, has hinted at a possible bear run for Bitcoin and suggested that might relapse to below $40k. In a tweet made yesterday, the Bitcoin critic had also likened Bitcoin to a digital pyramid scheme and called people investing in it "fools".
Peter Schiff Says Bitcoin May Go Below $40k, Cautions Buyers
In a tweet made minutes before the time of writing this article, Peter Schiff cautioned Bitcoin buyers saying that it could be their last chance to buy Bitcoin above $40,000. This could very well mean that there is another bear run coming and Bitcoin could relapse to less than $40,000. [embed]https://twitter.com/PeterSchiff/status/1489668795325104133[/embed] Interestingly, Bitcoin has shown some recovery in the last few days after it hit $33,000 a couple of weeks ago. Yesterday, Bitcoin managed to crawl its way back into the $40,000 club after an interval of almost two weeks. This might have given Bitcoin investors some ray of hope. Also, potential buyers who have been wanting to purchase the golden crypto might have been considering investing in Bitcoin. However, the latest tweet by the American stockbroker is sure to dampen their spirits. However, whether or not Schiff's speculations are true and how long this bear run would last is yet to be seen.
Bitcoin's Slump Hits the Market Hard
Bitcoin’s price has been going through a constant slump since the start of this year. The year started with Bitcoin firmly placed at $47,000. But as the month progressed, Bitcoin’s price consistently slashed until it hit $33,000 a couple of weeks ago. This resulted in the world's five wealthiest tech magnates collectively losing almost $85 billion in the first few weeks of 2022, with the week's market sell-off wreaking havoc on their fortunes.
While Tesla CEO Elon Musk lost $27 billion, Amazon founder Jeff Bezos went down by $25 billion. Also, Binance founder Changpeng Zhao saw his crypto fortunes plummet by a staggering $17.7 billion.