Economist and vocal Bitcoin critic Peter Schiff says Bitcoin price might head to zero if this market element disappears.
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U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available., the first and largest cryptocurrency by market capitalization, fell on Monday amid broader risk-off sentiment at the start of December.Bitcoin fell sharply to an intraday low of $85,595, extending its slide into the fourth day since Nov. 27, and was last seen around $85,842, down 5.88% in the last 24 hours.took to X to highlight BTC price drop."Bitcoin breaking down again. It just traded below $86,500," Schiff wrote in an initial tweet. Morning Crypto Report: XRP Rockets 324% in Weekly ETF Inflows, Strategy CEO Reveals Why They May Sell Bitcoin, Shiba Inu in December: What to ExpectXRP Sees 1,447% Liquidation Imbalance, Shiba Inu Joins Japan's Green List, Saylor’s Strategy Having Second-Worst Month Since Buying Bitcoin — Top Weekly Crypto News Crypto Market Prediction: Shiba Inu Ends It Here, Bitcoin Price Reaches Key $90,954 Moment, Will XRP Fall Under Mini-Death Cross?The debate between Schiff and Bitcoin supporters took another turn as the conversation shifted to a comparison of Bitcoin and gold's value. An X user stated that gold has physical utility, with its value driven by demand, and that Bitcoin and gold derive their value from different sources. Schiff responded that the price is being driven by demand and not value, adding that value has varied perspectives for different individuals.In a separate tweet, Schiff argued that Bitcoiners' claim of gold’s value being purely subjective was false."Gold has objective value as a metal with conductivity, malleability, corrosion resistance, and real industrial and commercial uses. Bitcoin’s value is purely subjective, as it has no utility beyond belief," Schiff said.The phrase"belief" caught the attention of the Bitcoin community, with an X user asking a pertinent question:"What happens if people stop believing?"answered. In its 16 years of existence, Bitcoin continues to prove naysayers wrong, reaching an all-time high of $126,198 on Oct. 6. Morning Crypto Report: XRP Rockets 324% in Weekly ETF Inflows, Strategy CEO Reveals Why They May Sell Bitcoin, Shiba Inu in December: What to ExpectMorning Crypto Report: XRP Rockets 324% in Weekly ETF Inflows, Strategy CEO Reveals Why They May Sell Bitcoin, Shiba Inu in December: What to Expect
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