Peter Schiff, CEO of Euro Pacific Capital and an extremely strong critic of Bitcoin, once again predicts a sharp drop in the value of the world’s largest cryptocurrency. In a tweet, Schiff suggested that Bitcoin will soon fall below $ 4,000. Schiff’s latest tweet was in response to a comment from MicroStrategy CEO Michael Saylor, who is a prominent proponent of Bitcoin.
Saylor tweeted that Bitcoin is for winners, and Schiff responded by questioning Bitcoin’s relevance to MicroStrategy shareholders. In response to a user recalling Schiff’s failed bearish prediction in 2018, Schiff suggested that the price of the flagship cryptocurrency could still drop to the $3,800 level.
In a tweet on March 10, Schiff also suggested that a wave of blockchain-related bankruptcies would soon crash cryptocurrencies and turn the crypto winter into a deep freeze. He urged his followers to sell their Bitcoin and buy gold instead. These extreme bearish comments from Schiff come as no surprise. He has long been critical of the flagship cryptocurrency and has often predicted its collapse since its early days. In fact, Schiff has been warning of the collapse of Bitcoin for years.
Despite Schiff’s dire predictions, Bitcoin has proven to be a resilient asset. Although it has experienced a few significant price fluctuations over the years, it has always managed to bounce back. Schiff did not hesitate in his criticism of Bitcoin despite its continued resistance. Schiff suggested that the largest cryptocurrency is a speculative asset with no real value and urged investors to buy gold instead. However, even his own son often expresses that his father was wrong and wrong.