Peter Schiff: “The lion’s share of sales hasn’t even started yet”

Executive Director of RAKIB Alexander Brazhnikov believes that the cost of bitcoin may increase significantly in 2024. Its price can reach $100 thousand. According to the expert, BTC is also expected to rise next year.

“The forecast for the cost of bitcoin, which was given as far back as the beginning of 2022, reported that by the end of the year the cost of this cryptocurrency would fall, and in 2023 there would be a rise <…>. We see today that by 2024, most likely, BTC will cost $70–100 thousand,” Brazhnikov said.

In addition, he pointed out that the first cryptocurrency is volatile, and its price may periodically decrease and then rise again.

BitRiver financial analyst Vladislav Antonov previously predicted that the BTC rate could drop to $12,000 if negative information about the situation on the FTX crypto platform appears in the near future.

And economist Peter Schiff argues that BTC has a long way to go after FTX went bankrupt. He is confident that $10,000 is the real price of the first cryptocurrency, warning that “the lion’s share of sales has not even started yet.”

Schiff cited his summer forecast that the need to get rid of BTC to pay bills will only grow as the recession deepens.

“I have been warning for years that those who made money in crypto assets would be held accountable by all the people who lost money in crypto assets,” Schiff noted.

He also shared ideas about the recent work of Grayscale and its connection with the course of the main crypto coin. Schiff wrote that “Based on GBTC’s 43% discount to NAV, Bitcoin is already trading well below $10,000.”

“I think this is a plausible price for bitcoin since when you sell GBTC you get paid in real money. But when you sell BTC, you get paid Tether. To get real cash for bitcoin, you have to agree to a huge discount,”concluded the economist.

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