Peter Schiff drew attention to the fact that bitcoin is near a critical support level, and there are no factors that would provide it with an uptrend. According to the economist, the fall in the bitcoin exchange rate completely contradicts the opinion about the interest of institutional investors in cryptocurrency:
"Pampers are blamed for the drawdown of the MtGox exchange's payment rate to depositors. This is partly true, but otherwise the liquidation exposes the myth of institutional demand for bitcoins. If there was one, buyers would have already jumped at the opportunity to purchase MtGox bitcoins on the market."
The drawdown in the value of the first cryptocurrency is one of the largest in the last few years, and a further correction of the exchange rate is likely, the cryptospectician is sure.
Earlier, Peter Schiff criticized the Bitcoin network for the slow speed and high cost of transactions, and called the coin completely unviable.