Actually Bitcoin ‘s 2022 decline is 28%, not 40%

• Number of Crypto will Exceed Market Cap
• Time to Drop GBTC
• CNBC Wants Viewers to do Their Own Research
• MSTR down by 70% of all time high
• 2022 BTC decline is 28% not 40%

Peter Schiff Comments on Significant Market Events Though Pre and Post Bitcoin (BTC) Crash

There are now over 17,000 crypto currencies. Yet as the supply of these worthless tokens is rising the overall combined market capitalization keeps falling. It’s now below $1.8 trillion. I wonder how long it will take for the number of crypto currencies to exceed the market cap.

On January 21, 2022:  The Grayscale Bitcoin Trust is down another 10% today, more than wiping out all of 2021’s gains. Shares are 55% below last year’s high and are actually trading 32% below the high hit in 2017, more than 4 years ago. The discount to NAV is a whopping 27%. It’s time to drop GBTC.

The Russell 2000 just hit a new 52-week low. It’s down over 18% from the high it set less than two months ago. Soon the index will officially enter a bear market. It’s not over-priced technology stocks that are driving the collapse. It reflects weak earnings and stagflation.

Now CNBC is urging their viewers to do their own research to determine the value of each individual cryptocurrency. I suppose that’s their version of a buyer beware warning. What CNBC still doesn’t understand is that none of the cryptos they’ve been paid to pump have any value.

Actually Saylor is currently in the lead, as MSTR is down 70% from its high. Today’s 14% drop allowed Saylor to widen his lead. But it’s still anyone’s race. Unfortunately, no matter who wins, all their investors will lose.

So far the decline in Bitcoin has been very orderly. No one is panicking yet. It’s sliding a slope of hope. At some point there’ll be a flash crash. That’s how these declines typically end. This flash crash may not even start until after Bitcoin breaks $30K. Then lookout below!

Microstrategy is down 31% so far in 2022, wiping out all of 2021’s 40% gain. MSTR is 71.4% below its Feb 2021 high. Even though Saylor’s Bitcoin gamble briefly resulted in more than a 150% gain during the first two months of 2021, that gain has since turned into a 3.25% loss!

January 22, 2022:  Bitcoin’s orderly fall continues as the faithful hold strong. The low so far is $34K, just over a 50% decline (40% in 2022 alone.) Pumpers who once touted Bitcoin as being a non-correlated asset now justify its collapse based on everything else being down too. Gold is not down!

Actually Bitcoin ‘s 2022 decline is 28%, not 40%. I tweeted too early in the morning. I’ll be commenting on this and the rest of the market in today’s podcast, which I will start recording shortly. Make sure to listen.