Peter Schiff took to Twitter to declare that Bitcoin prices would fall even more in 2023 and that Bitcoin holders’ confidence would be shaken. Schiff, an economist and skeptic of cryptocurrency, has been using Musk’s Twitter to express his doubts.
In a tweet Schiff mentioned that people who are loyal Bitcoin users believe that the cryptocurrency’s price will rise in 2023. He stated that Bitcoin would fall below 5000 USD over the next year, which will shake the confidence among Bitcoin holders.
The absurd prediction is mocked by the economist.
Schiff and his Bitcoin criticism
In a Thursday interview with TD Ameritrade Network, he advised cryptocurrency holders to sell all their holdings and use the proceeds for physical gold.
“Get out of crypto,” is my advice to people. Your useless Bitcoin can still be sold for as high as 17,000 USD. He replied that he would recommend you use it to buy some gold.
He said that anyone looking for long-term inflation hedge or value storage should not invest in Bitcoin. He tweeted that it is worthless. “Its market value has fallen by two-thirds.”
Saylor is again on Schiff’s radar
He also made a dig at Saylor a few hours ago. He stated that MicroStrategy Incorporated stockholders will be held accountable for the preoccupation of Chairman Michael Saylor with Bitcoin (BTC). Schiff tweeted that shares of the company had fallen to a 52 week low. They have also fallen by an astonishing 90% from their February 2021 all-time high.
Peter Schiff, who is known for his criticisms of investing decisions, is the most vocal opponent to the most widely used digital currency. MicroStrategy, a well-respected provider of business intelligence technologies and technologies, is well-known.
Attacks on MicroStrategy
MicroStrategy acquired over 132,500 Bitcoin units, which is worth more than 4 billion USD. MicroStrategy issued Senior Convertible Notes in order to acquire digital assets over time. This is a debt instrument. The majority of the funds come from the surplus cash balance of the company. When Michael Saylor was still the CEO of the company, he promoted the Bitcoin idea. He believed that the technology behind cryptocurrency could generate a substantial price rise in the near future.
Peter Schiff regularly attacks MicroStrategy’s announcement that its BTC assets would continue to be listed on the balance sheet of its business for the foreseeable future. MicroStrategy is a company that has a significant amount of exposure to Bitcoin. The share price drop reflects the pessimistic mood created by the ongoing crypto winter.