12 March 2023 17:39, UTC
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Peter Schiff, the CEO of Euro Pacific Capital and an extremely vocal critic of Bitcoin, is once again predicting a steep decline in the value of the world’s largest cryptocurrency. In a tweet earlier today, Schiff suggested that Bitcoin will soon drop below $4,000.
Schiff’s latest tweet was in response to a comment by Michael Saylor, CEO of MicroStrategy, who has been a major proponent of Bitcoin.
Saylor had tweeted that Bitcoin is for winners, to which Schiff responded by questioning the relevance of Bitcoin to MicroStrategy shareholders.
In response to a user who recalled Schiff’s failed bearish prediction from 2018, Schiff suggested that the price of the flagship cryptocurrency could still plunge to the $3,800 level.
In a March 10 tweet, Schiff suggested that a wave of blockchain-related bankruptcies would soon crash down on cryptocurrencies, turning the crypto winter into a deep freeze. He urged his followers to sell their Bitcoin and buy gold instead.
Schiff’s ultra-bearish comments are not even remotely surprising. He has been a long-time critic of the flagship coin and has frequently predicted its demise since the earliest days. In fact, Schiff has been warning about Bitcoin’s impending collapse for years.
Despite Schiff’s dire predictions, Bitcoin has proven to be a resilient asset. It has experienced several significant price swings over the years but has always managed to bounce back.
Schiff has not wavered in his criticism of Bitcoin in spite of its continued resilience. He has suggested that the largest cryptocurrency is a speculative asset that has no real value and has urged investors to instead buy gold.
Whether Schiff’s latest prediction will come true remains to be seen.
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