Globally respected ‘crypto hater’ says US economy is about to shut down

Peter Schiff shared his stance on the current situation of the US economy and noted that it is very critical for the US.

Peter Schiff is a globally known financial & economic expert. In the past, he predicted in advance about the financial crisis of 2008. Due to his expertise in the financial ecosystem prediction and accurate prediction of the 2008 crisis, he grabbed huge traction globally. He is also the biggest hater of cryptocurrencies like Bitcoin. He says bitcoin-like assets are backed by nothing then people buying.

On 10 May, Peter took to Twitter to share his thoughts on the current economic situation of the United States. Peter noted that the US economy is on the verge of falling and it will result in a highly critical situation over what we saw in Covid-19 pandemic, where people lost millions of jobs.

Expert wrote:

“The entire U.S. economy is about to shut down again, but this time it won’t be a dress rehearsal like with Covid19. This will be the real thing. We won’t ask businesses to close; they’ll have no choice but to close. Tens of millions will be fired from jobs that will never return!”

After this tweet of Peter Schiff, many crypto pundits are claiming that Bitcoin may grab huge traction as a hedge against inflation. 

At present, the US global economy is facing very high inflation, which is 40 years high. The Federal Reserve and other agencies of the US are trying to slow down this inflation. 

Just a few days ago, the Fed announced a 0.5% hike in the interest rate and that resulted in a very big downfall for the money markets, which includes crypto and stock. 

Since the date of the hike in interest rate announcement, Bitcoin is continuously moving toward its downfall. 

Yesterday Bitcoin touched a price below $30k. At the time of writing this article, the price of Bitcoin is $31,248 and this price is 1% oown than yesterday’s price.

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