Peter Schiff, the CEO of Euro Pacific Capital and founder of SchiffGold, a prominent bitcoin rival, has taken to Twitter to comment on the 25% plunge in PayPal's share price.
He believes this could be detrimental to the world's leading cryptocurrency.
PayPal Shares Plunge, and They're Indirectly Linked to Bitcoin
Shares of U.S. payments giant PayPal plunged 25 percent on Jan. 2. The founder of SchiffGold, who often tweets against Bitcoin, commented that this price plunge could be bad for the flagship cryptocurrency.
He tweeted that since PayPal is deep into the cryptocurrency system and has adopted Bitcoin, along with three other top 10 cryptocurrencies (Bitcoin Cash, Litecoin and Ether). PayPal is one of the top choices for investors looking to put money into established stocks that have a high probability of rising with cryptocurrencies.
But right now, Bitcoin and other cryptocurrencies are experiencing significant declines, with Bitcoin trading at $37,000 and Ether trading at $2,672 as of this writing.
For #Bitcoin, shares of $PYPL have fallen 25% so far today, which bodes ill. #PayPal is deep into the #crypto ecosystem and is one of the top picks for institutional investors looking for established stocks ready to ride the cryptocurrency wave. Looks like that wave has crashed.— Peter Schiff (@PeterSchiff) February 2, 2022
About two weeks ago, Schiff tweeted that Bitcoin could fall below $30,000 soon. Once that happens, he said, BTC will have a flash crash below $10,000.
Bitcoin Won't Disrupt PayPal's Business: Grayscale CEO
On Feb. 2, Grayscale Investments CEO Michael Sonnenshein said on CNBC's Squawk Box that any cryptocurrency – whether it's Bitcoin or a digital dollar adopted by the Federal Reserve in the future – could reduce the profitability of PayPal (and similar companies).
Sonnenshein assured that Bitcoin and other decentralized cryptocurrencies have been incorporated into PayPal's business model, so their profits will not be harmed.
"Bitcoin Hedges the Fed to Destroy the Dollar" by R. Kiyosaki
Robert Kiyosaki, a major real estate investor, bitcoin supporter and author of the best-selling financial literacy book "Rich Dad, Poor Dad," has tweeted again about BTC.
He urged the community to buy it, as well as gold and silver, as a safe haven for the dollar, which is being destroyed as the Federal Reserve and the U.S. Treasury keep printing more dollars.
He tweeted that billions of people who are trying to save or are unaware will go to "financial hell".
Wow: Words of Wisdom: “There are a million roads to financial heaven, and a billion roads to financial hell.” The Federal Reserve and Treasury destroyed the dollar and sent billions of dollars of savers 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 declines – when it fell to $ 9,000 and $ 6,000. He promised that if BTC tested the $20,000 level, he would again get more of the major cryptocurrency.