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Bitcoin Expert Peter Schiff Has Bad News For Crypto Enthusiasts

Don't read his latest tweets if you're trying to keep a positive outlook.

If you've been wondering if it's time to dump your crypto lately, no one could blame you.

With bitcoin hitting record lows lately and Binance, the world's largest cryptocurrency exchange by volume, pausing its withdrawals, it suddenly looks like maybe things aren't so great in that sector.

If you're a crypto investor, you may or may not follow economist and global strategist Peter Schiff on Twitter  (TWTR) - Get Free Report — especially since he's typically pretty enthusiastic about detailing why he thinks bitcoin will collapse in the long run.

Schiff, who is chief economist and global strategist for Euro Pacific Capital, is also not afraid to challenge bitcoin evangelists, as he has openly done so in the past.

And with more than 743,000 followers, clearly there are quite a few people interested in what he has to say regarding investments.

As you can imagine, Schiff has plenty to say about the state of crypto on the whole as of late. 

He took to Twitter early on the morning of June 13 to elaborate, and while it's nothing new from him to forecast a dour future for specific investors, well ... this one looked especially bleak.

What Did Peter Schiff Say About Crypto?

Schiff started tweeting some thoughts early on the morning of June 13, starting out with both bitcoin and ethereum's recent drops.

Next, Schiff goes on to call out CNBC on what he interprets as a lax take on the state of crypto, especially in the light of the stock market.

Then Schiff decides it's time to compare crypto to space, and also pointed out that bitcoin's cheerleaders were already on the scene, pom-poms in hand. 

Then, he called out Binance's pause.

If you passed up crypto and put your money into gold instead, guess what? More bad news (and that's on top of the current inflation nightmare).

Also, a stock market crash! Whee!

Also Schiff stays on brand when it comes to calling out what he sees as being insincere, as well as getting one more jab in at CNBC.

And in case you haven't heard enough bad news yet...

Then Schiff jumped into quiz mode, asking his large follower base which of four potential scenarios they thought would happen first. 

As of the time of this writing, 8,937 people had voted, with the 6% 30-year fixed mortgage option as the most popular pick of the four.

Not only is Schiff more than happy to lay out these predictions, but he also was quick to jump into the comments when crypto enthusiasts tried to shoot down what he had to say.

So if you're still in HODL mode (or hold on for dear life, as crypto fans like to say), this will at the very least give you something to chew on for a while.