Following Block.fi’s announcement about its inability to conduct business as usual, prominent Bitcoin and crypto critic Peter Schiff has been actively pushing the selling narrative to his followers.
Schiff also stated that there will be much more in the near future and advised his subscribers to sell all of their Bitcoin (BTC) if they still have any on exchange, if at all possible.
FTX is currently the only exchange in the top ten that is unable to process withdrawals at full capacity.
Obviously, the situation surrounding Block.fi is the result of the FTX’s insolvency. The crypto lending and borrowing platform announced the suspension of withdrawals and advised clients to refrain from making deposits until further notice.
The FTX saga, however, is not the only reason Peter Schiff is concerned about the future of the first cryptocurrency.
The most recent CPI data release, according to the economist, should not be considered fuel for Bitcoin or the cryptocurrency market in general.