In the Eye of the Inflation Hurricane – Ep 855
The Peter Schiff Show Podcast
00:00
Crypto Is the Weakest Lever in the Chain
I knew that when the tech bubble popped and stock prices started to fall, that companies would have to find ways of reducing their burn because they can no longer finance losses by selling overpriced stocks. Many people in the financial community are now pointing to the collapse of crypto as an example of the thing that finally broke. It was about one year ago today that Bitcoin hit its record high of 69,000. And as I'm talking now, it's about 16,800. So about a 75% decline at its lows. But what this collapse of FTX shows you is that that entire rally was a fraud, which is exactly what I said in real time.
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