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Peter Schiff on Bitcoin Crash: The Bear Is Still Young

Peter Schiff, a prominent critic of Bitcoin, has expressed his belief that the cryptocurrency is currently in a “bear market territory.” His statement follows Bitcoin’s recent drop to $58,456, its lowest level since May 2. Numerous factors, including significant outflows from US-based exchange-traded funds and macroeconomic uncertainty, had already weakened Bitcoin’s position. Additionally, the German government’s decision to sell off Bitcoin and the announcement of repayments by the hacked exchange Mt. Gox further dampened the market. While the extent of selling pressure remains uncertain, Schiff anticipates a significant drop in Bitcoin’s price before the Mt. Gox Bitcoin even enters the market. Despite the recent correction, Schiff asserts that the bear market is still in its early stages.