The collapse in the price of Bitcoin in recent weeks has been one of the hardest blows suffered by the crypto community in several months. However, within it, many users maintain that this correction in the price of BTC is nothing more than a temporary event, the result of which will be the strengthening of the cryptocurrency ecosystem. Therefore, according to millionaire Peter Schiff, cryptocurrency fans are in denial. As he commented in the Tweet of the day:
Pumpers who assured investors #Bitcoin would never crash again now claim the crash is healthy and necessary to purge the market of excess speculation. They say China banning Bitcoin as other governments impose stricter regulations is bullish. Denial ain’t just a river in Egypt.
– Peter Schiff (@PeterSchiff) May 23, 2021
Cryptocurrency fans against Peter Schiff
Despite the fact that the Bitcoin market has accustomed its users to sudden falls in its price, there has never been a collapse in its price like the one in recent days. Well, although in percentage terms there is nothing strange, in real terms it has meant the loss of thousands of dollars in just a few hours.
For this reason, many users have started to fear the end of the crypto market. Selling your bitcoins before the price of the cryptocurrency finishes collapsing. Leading to the emergence of a debate, in which crypto fans such as Anthony Pompliano have argued that the price of BTC will inevitably rise again with more force following this drop.
However, this idea that the market is strengthened by its falls does not seem to convince everyone. And it certainly doesn’t convince crypto skeptic Peter Schiff. Who through his Twitter account has assured that the crypto fans are in denial, without seeing the final collapse of the crypto market that is approaching:
«Those who assured that Bitcoin would not fall again now affirm that the fall is healthy and necessary to purge the market of excess speculation. They say China’s ban on Bitcoin while other governments impose stricter regulations is a bullish sign. Denial is not just a river in Egypt.
With this play on words (Denial = negation, The Nile = The River Nile), Peter Schiff seems to be totally sure of the near end of the world of cryptocurrencies. However, it is not the first time that Peter Schiff has made these kinds of predictions. Therefore, it only remains to see if reality agrees or denies it once again.