Peter Schiff Predicts Japan’s Bitcoin Exit as Prices Decline: Details from U.Today

Bitcoin, the leading cryptocurrency by market capitalization, experienced a decline below $61,000 during Saturday’s trading session. This drop was attributed to increasing risk aversion across financial markets, coinciding with Genesis beginning to distribute digital assets to its creditors following a bankruptcy restructuring.

The sell-off extended for Bitcoin, which fell to an intraday low of $60,240. This downward movement was influenced by the release of the U.S. jobs report, which raised concerns about a potential recession in the world’s largest economy. The unemployment rate saw a significant increase, reaching its highest level since October 2021, contributing to a decline in stock prices.

Japan also witnessed a sell-off, reacting to the Bank of Japan’s minor monetary tightening measures on Wednesday, where it raised its benchmark lending rate to 0.25% from a previous range of 0%-0.1%.

At the time of reporting, Bitcoin was down 3.56% over the last 24 hours, trading at $62,142.

### Peter Schiff Comments on Bitcoin’s Price Decline

Economist and vocal crypto critic Peter Schiff seized the opportunity to comment on the recent declines in Bitcoin and Ethereum prices. In a tweet, Schiff pointed out Bitcoin’s significant weekly decline against the Japanese yen, suggesting that Japanese investors may soon reconsider their investments in the cryptocurrency.

He noted, “This week Bitcoin is down 13% in Japanese yen. That’s a big drop for something Japanese investors bought as a safe haven. Gold is down too, but only 2.5% in yen. That’s not bad considering that Japanese stocks fell 7.3% on the week. The Japanese will soon say goodbye to Bitcoin.”

In another tweet, Schiff criticized Ethereum ETFs and predicted a fall in Ethereum’s price to $2,000, stating, “Ethereum ETFs have been trading for just two weeks and they’re already down 15%. They closed the week on new lows. Ethereum itself is now trading below $3,000. It won’t be long before it breaks $2,000. Gold rose 2% this week while Bitcoin fell 10%. The race is over. Gold wins the medal.”

Schiff has a long history of critiquing cryptocurrencies, often promoting gold as a more stable store of value. His comments on the possible abandonment of Bitcoin by Japanese investors reflect his broader skepticism about cryptocurrencies.