Peter Schiff, an economist and a vocal opponent of Bitcoin who also serves as the founder and chairman of the SchiffGold fund, sent a message via Twitter regarding Tuesday’s steep decline in the value of Bitcoin. Although he acknowledged that Bitcoin is truly rare, it is now irrelevant. Bitcoin’s Heaviest Declines and Scarcity The biggest decline in two months occurred on Tuesday when it fell by 5.61% to a low of $18,630. Peter Schiff said in his tweet that there is not just a protracted Bitcoin collapse but also a sharp decline in BTC dominance. The current value of this indicator is 38.1%, the lowest level seen since the previous crypto winter in June 2018. Schiff believes that the fact that Bitcoin must compete with roughly 21,000 other cryptocurrencies, NFTs, and crypto-based stocks is the reason for its loss of market dominance. Schiff has described Bitcoin and the other cryptocurrencies to which BTC is losing market share as being “intrinsically worth less.” 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. — Peter Schiff (@PeterSchiff) September 6, 2022 The economist acknowledged that Bitcoin is a rare asset. However, he claimed that presently, altcoins have a far larger supply than BTC. Thus,...
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