Bitcoin prices have seen significant growth in recent years. However, January 2022 is considered to be one of the asset's worst Januarys since its inception. In the past month, BTC has lost more than 50% of its price value while affecting the entire cryptocurrency market. Recently, the global payments giant PayPal faced a drop of more than 25% in its share price.
In the wake of PayPal's share price move, Peter Schiff, one of the prominent BTC opponents, CEO of Euro Pacific Capital and founder of SchiffGold, took the discussion to Twitter. According to Schiff, the drop in PayPal's share price is bad for the flagship cryptocurrency.
PayPal's share is indirectly related to bitcoin price
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Earlier last month, shares of U.S. payments giant PayPal plunged 25 percent. Schiff, a frequent opponent of Bitcoin, commented that such behavior could have a negative impact on the leading cryptocurrency.
According to Schiff's tweet, the payments giant is deep into the cryptocurrency ecosystem and has joined three other major players in adopting BTC. Notably, PayPal is one of the top choices for investors who are struggling to put money into established stocks that have a high probability of rising alongside digital assets.
However, we can now witness how the bitcoin price is falling along with other important players in the cryptocurrency market. Schiff also claims that the price level of the leading cryptocurrencies will fall below $30,000. In fact, if such a trend occurs, BTC will see a flash crash below $10,000.
Will BTC disrupt PayPal's business?
Michael Sonnenshein, CEO of Grayscale Investments, the foremost bitcoin trust, was interviewed by CNBC on Wednesday. In the interview, Sonnenshein stressed that neither BTC nor digital dollars. If the U.S. Federal Reserve adopts it in the future, then no cryptocurrency will destroy PayPal's profits.
Notably, BTC and other decentralized cryptocurrencies have been incorporated by PayPal into its business model. In hindsight, Sonnenshein assures that PayPal's profits will never be harmed.
In addition, Robert Kiyosaki, author of the best-selling book "Rich Dad Poor Dad," believes that BTC is a hedge against the Fed's destruction of the U.S. dollar. In addition, Kiyosaki urges the community to acquire BTC with some precious metals as a safe haven against the U.S. dollar.