Peter Schiff expects Bitcoin to fall after halving award to miners

Bitcoin is rising again and today exceeded $9,300, but cryptocurrency skeptic Peter Schiff expects a decline in pricefirst cryptocurrency after halving the miners award.

According to him, after halving the awardto miners, the demand for bitcoin will drop significantly, as they are now buying it in the hope of future profits. Schiff also said that one should not consider the growth of bitcoin by 23% since the beginning of the year as some kind of achievement:

"Bitcoin fans are pushing for what it showsbetter results than gold this year. But if you think about the risks, then 23% of profits from Bitcoin versus 12% of profits from gold no longer look so impressive. Soon the halving and all growth of bitcoin may evaporate, ”Peter Schiff wrote on Twitter.

After that, he continued his thought, stating thatBitcoin will not become a rarer asset after halving, its mining will simply decrease. But since buyers all the time “ran ahead of the engine”, then after that the demand for the first cryptocurrency will fall, and the bitcoin rate will fall in the wake of it.

Schiff’s opinion may turn out to be true, because peoplestarted saving up bitcoins before halving the rewards. So, over the past 90 days, the number of new BTC wallets has increased by 430,000. And the number of addresses holding more than 1,000 coins has reached a new record. Miners are also poised for halving - a new bitcoin hash record was recently set at 142 ech / s.

Former analyst Peter Brandtsaid cryptocurrency traders should be wary of the current market situation. But Mati Greenspan calculated that after halving the annual inflation of BTC will be 1.8% - only half of the global level for fiat currencies.

Interestingly, according to a survey on Reddit, almost half of cryptocurrency owners store their BTC in hardware wallets. Also, some respondents have a paper backup of their private keys.

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