The crypto market experienced several ups and downs after the FTX crisis.
Several prominent experts describe this event as the end of the crypto era.
Peter Schiff tweeted recently about the crypto extinction.
Peter Schiff, an economist and one of bitcoin's (BTC) critics, remarked on Monday (Nov 15) that we are on the edge of "crypto-extinction." We believe he said so due to the crash of the cryptocurrency exchange FTX, which prompted sharp declines in the emerging market.
On Twitter, Schiff suggested that the current scenario can be viewed as the end of the market, but that blockchain technology will "live on." This is not the first time the economist has predicted the supposed breakdown of the ecosystem.
In his tweet, the expert added that gold (the asset in which he has been investing for decades) will once again lead "a new generation of cryptocurrencies supported by physical assets." In another tweet, he stated that the market will "destroy" Bitcoin.
Not just Schiff, but several other prominent experts have predicted that Bitcoin will be destroyed by the market one day. Is this why banks are focusing on CBDCs rather than cryptocurrencies?
Banks’s shifting their eyes from crypto to CBDCs
As the cryptocurrency sector grows, both cryptocurrency and CBDCs have piqued the interest of investors and financial institutions. Despite their similar status as "digital assets," there are several significant differences that make CBDCs preferable for banks.
The primary reason for this is, CBDCs are easier to govern than cryptocurrencies because of their centralization properties as they provide financial institutions a firm grip on the digital assets.
Schiff has been a vocal supporter of CBDCs but has always criticized Bitcoin for its decentralized nature. As a result, banks all around the world are launching their own CBDCs. In fact, some banks have already established CBDCs and launched their pilot programs.
This indicates that Schiff's worries about cryptocurrency may come true, and the market and its participants may destroy Bitcoin/Crypto. However, Blockchain, according to Schiff, will live forever.
As we all know, Blockchain has more real-world applications than cryptocurrency. Several institutions and government organizations are already incorporating blockchain technology into their daily operations. This enables blockchain to outlive cryptocurrencies in long run, as noted by Peter Schiff.
Will bitcoin/crypto become extinct, as predicted by Schiff?
Schiff's estimate differs from data released this week by blockchain analytics firm Glassnode, which shows that BTC accumulation is increasing as a result of the crisis triggered by the FTX collapse.
The fact that investors are accumulating rather than dumping their bitcoin holdings could indicate that the market has matured. It also enables us to question its absolute disappearance, as anticipated by economist Schiff, because BTC is gradually penetrating the social strata.
What do you think about Bitcoin extinction? Share your views in the comment section below.
Read also: Will Bitcoin Become the First Monopoly in Global Decentralized Economy
