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#Cryptocrash: Why Bitcoin Price Will Fall To $10k

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As crypto exchange, FTX joins the list of exchanges that have added to the #cryptocrash phenomenon, experts believe Bitcoin price will further fall to $10k.

In fact, experts believe that the real price of Bitcoin – the biggest cryptocurrency right now – is $10k.

This was the summation of popular economist and gold bug, Peter Schiff.

According to him, bitcoin still has a long way to fall after the collapse of crypto exchange FTX.

He said $10K is the real price of bitcoin, warning that “The lion’s share of the selling has not even started yet.”

Schiff has warned in a series of tweets about the price of bitcoin falling a long way from its current level.

He began by referencing the forecast he made in June that the need to sell bitcoin to pay bills will only get worse as the recession deepens and long-term BTC holders without paychecks are forced to sell.

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Noting that it did not take long for his prediction to come true, Schiff tweeted Wednesday:

“The lion’s share of the selling has not even started yet. Bitcoin still has a long way to fall.”

He also tweeted saying:

“I’ve been warning for years that all the people who made money in crypto will be sued by all the people who lost money in crypto. So lawyer up pumpers.”

Meanwhile, on the issue of the collapsed crypto exchange FTX and former CEO Sam Bankman-Fried (SBF), Schiff said Bankman-Fried is a fraudster:

“I never looked into SBF as I never even considered investing in FTX. But had I done ten minutes of due diligence the red flags would have been obvious.”

“That many in crypto were so easily duped by an obvious conman calls into question their judgment on everything crypto.”

Schiff also shared his thoughts on the recent performance of Grayscale’s bitcoin trust (GBTC) and its relation to the price of bitcoin.

On Friday, he wrote thus:

“Based on GBTC’s 43% discount to NAV, bitcoin is already trading well below $10K.

“I think this is the real price of bitcoin, as when you sell GBTC you get paid real cash.

“But when you sell BTC you get paid tether. To get actual cash for bitcoin you must accept a huge discount.”

“GBTC is trading at a 46% discount now. New record.

“Something is definitely going on. Bitcoin is in real trouble.

“Get out while you can!” the gold bug added. At the time of writing, BTC is trading at $16,727.”

Anthony Chinonso Ogbonna is the editor of Techuncode media. He is a seasoned journalist whose stint cuts across broadcast, print and, especially, the online media. A graduate of Mass Communication from the University of Nigeria, Nsukka (UNN), Anthony holds a Masters Degree in Multimedia Journalism. He aligns his belief with those of world tech communities, holding tenaciously that the world is solely driven and can only be best with tech. Furthermore, Anthony believes that technology is simple, fun and is not what one, especially Africans, should be scared of, hence, his passion for telling compelling stories about tech in ways relatable to the ordinary user. He has his hobbies in reading and designing (new hobby though.)

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