Here’s Why Bitcoin Could Be Hurt by PayPal Shares Falling 25%, Says Peter Schiff
Bitcoin Vocal Critic Explains Why a Plunge in PayPal’s Share Price Could Be Negative for BTC
Prominent Bitcoin opponent, CEO of Euro Pacific Capital and founder of SchiffGold, Peter Schiff, has taken to Twitter to comment on the 25% plunge in the PayPal stock price.
He believes this could be negative for the leading global cryptocurrency.
PayPal Shares Plunge, They Are Indirectly Pegged To Bitcoin
US payment giant PayPal’s stock price showed a big drop of 25% on January 2. The founder of SchiffGold, who often tweets against Bitcoin, has noted that this price drop could be negative for the flagship crypto.
He tweeted that since PayPal is deep in the crypto system and has adopted Bitcoin along with three other top 10 cryptocurrencies (Bitcoin Cash, Litecoin and Ethereum). PayPal is one of the best choices for investors who want to place their money in established stocks that have a high probability of rising along with crypto.
But now Bitcoin and other cryptocurrencies are experiencing a massive downturn, with Bitcoin trading at $37,000 at the time of writing and Ethereum changing hands at $2,672.
It bodes badly for #Bitcoin that shares of $PYPL decreased by 25% so far. #PayPal is deep in the #crypto ecosystem and one of the top picks among institutional investors looking for established stocks ready to ride the crypto wave. Looks like that wave has crashed!
— Peter Schiff (@PeterSchiff) February 2, 2022
About two weeks ago, Schiff tweeted that Bitcoin would likely fall below $30,000 soon. Once it happens, he stated, BTC would see a flash crash below the $10,000 level.
Bitcoin Won’t Destroy PayPal’s Business: Grayscale CEO
On Feb. 2, CEO of Grayscale Investments Michael Sonnenshein stated on CNBC’s Squawk Box that no cryptocurrency — be it Bitcoin or a digital dollar if it is adopted by the Fed in the future — can cut PayPal’s (and similar companies’) margins. .
Bitcoin and other decentralized cryptocurrencies have already been incorporated into its business model by PayPal, Sonnenshein assured, so profits would not be hurt.
“Bitcoin is hedge against Fed destroying USD”: R. Kiyosaki
Major real estate investor, Bitcoin supporter and author of the best-selling book “Rich Dad, Poor Dad” on financial literacy, Robert Kiyosaki, has tweeted again about BTC.
He urged the community to acquire it, as well as gold and silver, as safe havens against the USD, which is being destroyed by the Federal Reserve and the US Treasury Department as they print more and more dollars.
He tweeted that billions of people trying to save or being uninformed are going to “financial hell”:
WOW:Words of Wisdom: “There are a million paths to financial heaven and a billion paths to financial hell.” Fed and Treasury are destroying the dollar and sending billions of savers and uninformed to financial hell. Go to financial heaven. Save gold, silver and Bitcoin.
— therealkiyosaki (@theRealKiyosaki) February 2, 2022
On January 24, Kiyosaki reminded the community that he bought Bitcoin during all the dips – when it fell to $9,000 and $6,000. He promised that if BTC tested the $20,000 level, it would get some more of the major cryptocurrency again.