Peter Schiff Predicts a Crypto Market Crash and Shares How the Next Recession Will Start

Renowned economist Peter Schiff has warned that conditions in the cryptocurrency sector are predisposing for a potential crash.

According to him, the price of Ethereum (ETH), the second largest cryptocurrency by market capitalization, has dropped by 7% in the last 24 hours.

In case you haven’t noticed, despite yesterday’s launch of 8 #EthereumETFs , #Ether is already down over 7% in the past 24 hours. #Bitcoin is down too, falling 2% over the same time period. The stage is set for a #crypto crash, just in time for the Nashville Bitcoin conference.

— Peter Schiff (@PeterSchiff) July 25, 2024

Schiff also noted that Bitcoin has not been spared from the broader market sell-off in the cryptocurrency and stock market sectors, falling nearly 2 percent. He also noted that markets appear to be pricing in the likelihood of a “hard landing.”

Commenting on gold he said:

I don’t see a big decline in gold. This is in stark contrast to Bitcoin and Ethereum, which have a long way to fall.

The economist predicts that the next recession could start with a stock market crash if the Federal Reserve does not lower interest rates.

The stock market also performed poorly as investor enthusiasm for artificial intelligence (AI) waned on Wednesday, causing the Nasdaq 100 Index to drop just over $1 trillion, marking its worst performance since October 2022.