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the channel, this is Reinaldo from the Newtek Investment channel. It's good that after this wave of devaluation we've had in all markets, including the cryptocurrency market, especially Bitcoin, we're going to talk a little more focused on Bitcoin in this video. Peter Schiff claims we're finished, and Peter Schiff has been criticizing cryptocurrencies for a long time.
It would n't be any different this time. He'll stay a little away from the market, as I've already said in other videos. There will also be a video coming out tomorrow talking a little about everything that happened in the market, whether I'll continue doing in the bad market with all my cryptocurrencies, or if I'll remain fixed.
It will come out tomorrow. I was going to release it today, but I haven't finished editing the video yet, so it will come out tomorrow. But it's like cryptocurrencies, these critics will appear, a lot of people too, now with a crystal ball. I warned that the meat, I saw it, it 's a crisis, I warned that I don't know what, so Peter Schiff, he's one of the critics of Bitcoin, he's been criticizing cryptocurrencies for a long time, and it wouldn't be any different this time.
An article that came out here on the Crepom Fácil portal, we'll read it later, we 'll talk a little about Peter Schiff's point of view. He's a familiar face in the cryptocurrency world, even though he's critical, he never stops talking about cryptocurrencies. Peter Schiff claims that connecting is over.
The head of Euro Pacific Capital, Peter Schiff, took advantage of the recent drop in the price of Bitcoin to attack cryptocurrencies. This time, the gold advocate used Twitter to claim that Bitcoin failed as a safe haven after falling along with the major stock exchanges at the beginning of the week.
Remember that all the stock exchanges, all the assets that devalued, also fell in the face of everything that has been happening in Ceará and globally. It wasn't just Bitcoin, it wasn't just one. I think it took areas that devalued, it was everything, including pure gold. It had a slightly smaller devaluation than all these assets, but it also devalued, so you have to take that into consideration.
The scenario is totally devastating. This week, in fact, it was totally devastating for the entire market in general. But it wasn't just the cryptocurrency market; all the stock exchanges, including the Bovespa, had a day when it was triggered by 25 direct strikes, losing more than seventeen percent.
By the end of the afternoon, it had recovered, but it was very bad. What happened this week... If it happens again tomorrow, the 16th, we'll know if the markets will react positively or if this very large drop will continue. And we don't have a crystal ball; there's no way to predict. Here's Peter Schiff's Twitter: CNBC didn't escape unscathed.
It didn't just attack Bitcoin; he went to Twitter to attack the main news channel about business and investments, CNBC. In his tweet, he stated that while the price was rising, the channel dedicated a large part of its time to Crypto West, but remained silent on the subject after the cryptocurrency price hit rock bottom.
Here's Peter Schiff's tweet: CNBC spent months bombarding Bitcoin as digital gold, a store of value, suggesting gold as a safe haven during the period of... Turbulence in the markets, the film knows, if it had risen today instead of falling, the conversion would have been interrupted, bitcoin is profitable, despite this, the boss has already acknowledged that the world's main cryptocurrency is profitable and has proven to be a good investment.
On the other hand, an enthusiast of gold as a store of value added that bitcoin will never compete with any fiat currencies. In a post on February 18th on Twitch, Peter A., who became very well known for openly criticizing bitcoin, published: "I agree that whoever bought bitcoin ten years ago and sold today will make a lot of money, but I never said that the price of bitcoin couldn't go up, I only said it will never succeed as money.
Nothing that has happened in the last 10 years proves me wrong." So he is a very big critic of the cryptocurrency market, of course, these market gurus here, if you're going to take the hour boost, he's a stock market investor, he knows that everything he says will have a very big impact, so you'll never see him as a stock market investor, one of the best known, the biggest in fact, a stock market investor who became a millionaire in the stock market, but you'll see him taking bitcoin and He praises, but doesn't even know, a pact that includes praise for a cryptocurrency, praise for a completely different market than the one he projects.
In the video that will be released tomorrow, I talked a lot about institutional money that is like this in the market. I believe that to prove this, what happened this week was that you saw bitcoins appreciating quite a bit, along with the world stock markets. So it wasn't actually Bitcoin, someone chose to fail, I don't know what Bitcoin will never be a valuable asset again.
I think this theory is still intact, however, this was the first crisis we saw. One thing we've always been saying a lot here on our channel is that companies and governments are indeed investing in cryptocurrency, even though they are being criticized, but they are investing, and what proves this is what we saw this week with this very large devaluation of bitcoins.
To make it clear to me that financial institutions are investing in cryptocurrency, it's true that they took a lot of money out of cryptocurrencies to put into other assets like the dollar, so this is very visible, but I believe that its usefulness as a reserve remains intact. The agency there remains intact.
In principle, we had this failure. In principle, we had this failure. I believe Bitcoin will still suffer external influences, all markets will suffer, depending on the news that happens in the coming days regarding everything that has been happening regarding this virus. Everyone who gets it will suffer the consequences too, but I believe that the fundamentals of cryptocurrencies, finally Bitcoin, are completely normal.
So we suffer external influence, it wasn't theoretically supposed to suffer, but I think a lot of it is due to the panic that was caused in all markets and also to the fact that there is institutional money within the cryptocurrency market. There isn't that kind of thing that people like Peter Schiff and the Bus will praise, coins that they will never praise, in the same way that someone who studies anarcho-capitalism a lot will never praise state money, fiat money, because everything has a history behind it, including the big investors who will never speak positively about the market, the 30 coins, okay?
So that's what I wanted to talk to you about today. Now a very interesting video will be released talking about everything that has been happening in the market. I've already recorded it, I just have to finish the lesson and try on a dress. It will be released in the morning. In the afternoon we'll talk a little more, we'll bring a chart, we'll talk a little more about the cryptocurrency market landscape and the global scenario as well, okay?
So that's it, if you liked the video, leave your like, activate the bell to receive notifications of new videos and when we post new content here on our channel, okay? So that's it, until next time, bye!
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