'Do not buy this crypto dip': Economist Peter Schiff

Economist and financial commentator Peter Schiff took to Twitter to warn people against buying crypto in this dip.

Schiff explained in a tweet that Bitcoin and Ether are set to crash even further and the global crypto market cap would fall to $800 billion. He advised his followers to not buy this dip because it would lead to more losses.

The financial commentator also commented on what Bitcoin holders (HODLers) might face in the coming times. He said since the majority of stores around the world do not accept Bitcoin and other cryptocurrencies as a valid payment option, they might have to sell their holding to cover costs.

Schiff highlighted that this was not the case during the downtime caused by COVID because the cost of consumer goods like food and gas was much lower.

He also spoke about how many people working in the Web3 face might lose their jobs making it inevitable to sell their cryptos for a loss to cover expenses.

Just like Schiff, several other top economists and financial commentators have a bearish outlook on the crypto markets. But there are a few who see an upside in the crypto markets as well.

Microstrategy CEO Michael Saylor is still bullish about the prospects of crypto, especially Bitcoin. In a recent tweet, he said that Bitcoin is real money and the rest is credit.