Euro Pacific Capital CEO Peter Schiff, an outspoken critic of Bitcoin, has once again predicted a sharp decline in the value of the world’s largest cryptocurrency. It comes on the heels of MicroStrategy founder Michael Saylor’s tweet, where he compared Bitcoin’s performance to that of several other assets.
According to Saylor’s comparison, BTC has seen a 67% growth since August 2020, when MicroStrategy adopted its Bitcoin strategy. In contrast, the S&P 500 has seen a 15% increase, Nasdaq has only seen a 2% increase, and Gold has dropped by 10%. Bonds have seen an 18% decrease, and Silver has seen a 29% decrease.
Schiff replied to Saylor’s tweet by questioning the relevance of Bitcoin to MSTR shareholders, considering the significant financial losses the company incurred through its purchase of the cryptocurrency.
Schiff went on to suggest that MSTR’s financial standing would be much more potent today had the company chosen to invest in Gold instead.
Despite his recent comments, Schiff’s past statements about Bitcoin were brought up by community members. In a tweet from 2018, Schiff warned against buying BTC below $3,800, stating that even at $750, it would still be considered expensive as its price could potentially drop another 80% from there.
Schiff responded by asking them, “What will you do with that tweet after BTC is back below $3,800?” The comment highlights the volatile nature of cryptocurrency and the difficulty of making accurate predictions.
While Schiff’s skepticism of Bitcoin may have some merit, the cryptocurrency has proven to be a valuable asset for many investors, including MicroStrategy. Only time will tell whether Schiff’s prediction of a steep decline in Bitcoin’s value will come true or if the cryptocurrency will continue to defy expectations and reach new heights.
Bitcoin Price Analysis
On Friday, the value of BTC experienced a surprising drop, falling below $19,700 for the first time in eight weeks. This unexpected slump has left many feeling caught off guard, particularly considering that just days prior, Bitcoin was trading at a much higher price point of $25,126.85.
However, despite this setback, there are indications that BTC may be on the road to recovery. Currently, BTC is trading at $22,163.77, with a 7.67% increase in the 24-hour chart. Additionally, 90% growth in trading volume in 24 hours, according to CoinMarketcap.
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