Peter Schiff: Bitcoin will continue to fall before payment at Mt Gox
Economist and gold enthusiast Peter Schiff has warned that Bitcoin has re-entered the official bear market territory, falling more than 20% from its historical high. However, looking at the price of gold, the bear market is even more fierce, with Bitcoin currently down over 30% in terms of gold prices. The bear market is still young. Be careful below. On Monday, Mt. Gox announced it will start distributing Bitcoins in July; this gold advocate also warned that Mt. Gox creditors receiving Bitcoins could have an impact. Schiff believes: Mt.Gox's bitcoins haven't even been returned yet but they will begin in July. Therefore, before Mt.Gox's bitcoins really start entering the market, the price of bitcoin may plummet significantly.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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