Peter Schiff, a well-known critic of Bitcoin, has been vocal about the recent decline in its value.
He has now forecasted that Bitcoin’s price might plummet to $75,000, marking its lowest point since April.
Potential Risks for Strategy?
Schiff believes this anticipated downturn could erase all paper profits accumulated by Strategy.
The firm led by Michael Saylor holds the largest amount of Bitcoin globally, with over 640,000 coins in their possession.
Their average purchase price is approximately $73,981 after recent acquisitions.
According to U.Today reports, Strategy’s premium compared to Bitcoin dropped to 1.44 at the end of September due to investor worries about stock dilution.
Schiff has frequently suggested that MSTR might soon trade at a lower value than expected. This would mean selling shares could result in losses rather than gains.
This February saw Schiff proposing that Saylor might sell off his company’s Bitcoin assets and repurchase shares instead. However, such an action would likely cause a significant drop in BTC prices; hence it remains improbable for now.
A Moment of Validation?
Previously ridiculed for his optimistic predictions regarding gold prices—often dismissed as overly hopeful—Schiff feels justified after gold recently surpassed $5,000. It appears set on achieving its best performance since 1979.
“I have been correct more times than people realize over these past ten years;” he stated confidently via social media posts recently shared online.