Peter Schiff - CryptosRus

Altcoins are responsible for Bitcoin’s Fall – Peter Schiff

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Altcoins are responsible for Bitcoin’s Fall – Peter Schiff:

The crypto unending bloodbath has sprung mighty opinions from high influencial investors.

Peter Schiff - CryptosRus
Peter Schiff – CryptosRus

The cryptocurrency industry shed a trillion dollars in market cap in the recent months recently as Bitcoin plummeted below the important $20K level.

This has inspired Financier and contrarian investor – Peter Schiff – to opine that severe competition from altcoins is taking its toll.

Bitcoin from $23,000 mark had a precipitous fall to lose 20% off its total market capitalization.

Schiff Gold Fund CEO and Austrian economist, Peter Schiff, says the World’s first cryptocurrency is losing market share to competitive altcoins.

“Not only is #Bitcoin crashing, but its dominance has fallen to 38.1%, its lowest since June of 2018. Competing with almost 21,000 other intrinsically worthless digital tokens, NFTs and #crypto related equities is taking a toll. Even if Bitcoin is scarce, its alternatives are not.”

Meanwhile, several crypto twitter netizens were quick to thwart Peter Schiff’s claims.

Even his own son Spencer Schiff took issue with the elder.

Bitcoin seems to be winning as many new cryptocurrencies don’t have the Satoshi blockchain’s notorious supply cap of 21 million coins.

But Bitcoin doesn’t necessarily compete with its peers in the cryptocurrency sector – As there are more cryptocurrencies with numerious utilities unlike Bitcoin.

Finally, the success of  the upcoming Ethereum merge may do more harm than good to Bitcoin, as people might feel no more good in the mechanism behind Bitcoin’s blockchain – Proof of Work.

 

 

 

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