Peter Schiff has issued a warning to the crypto community and is advising them to sell their Bitcoin (BTC)

Peter Schiff, a prominent gold bug and economist, has warned holders of Bitcoin to sell their cryptocurrency quickly, stating that a wave of blockchain-related bankruptcies is set to cause a deep freeze in the crypto market. His son, a Bitcoin advocate, disagreed, arguing that Bitcoin will remain afloat despite these challenges. The San Francisco-based Silvergate, which offers banking services to crypto companies, recently announced it was winding down operations due to industry and regulatory developments. This news has caused Bitcoin's value to drop significantly, with the leading cryptocurrency reaching a near two-month low of $19,791 on Friday. Many other cryptocurrencies have also suffered significant losses.