Peter Schiff has taken to Twitter to say that Bitcoin prices will fall further in 2023, and Bitcoin holders’ confidence will be shaken. Schiff is a noted economist and skeptic of cryptocurrencies who has been expressing his skepticism through Musk’s Twitter.
Schiff in his tweet mentioned that the people who are loyal to Bitcoin think that the price of the crypto will rise in 2023. He said that Bitcoin will fall under 5000 USD in the coming year and that will shake the confidence of the Bitcoin holders.
The economist is getting mocked for the ridiculous prediction.
Schiff and his Bitcoin criticism
He urged cryptocurrency holders to sell their holdings and use the proceeds to buy physical gold in a Thursday interview with TD Ameritrade Network before they lose everything.
“Get out of crypto, is my counsel to folks. You may still sell your useless Bitcoin for close to 17,000 USD. I would advise you to use it to purchase some gold,” he replied.
Also read: MicroStrategy Sells 704 Bitcoins (BTC) For First Time Due To This Reason
According to him, anyone seeking long-term value storage or an inflation hedge should not consider investing in Bitcoin. It is just worthless, he tweeted. “Its market price has dropped by two-thirds.”
Schiff targets Saylor yet again
A few hours back he also took a dig at Saylor. He has stated once more that MicroStrategy Incorporated’s stockholders would be held responsible for Chairman Michael Saylor’s preoccupation with Bitcoin (BTC). On Twitter, Schiff noted that the company’s shares had fallen to a 52-week low and they have fallen by a staggering 90% from their all-time high, which they hit back in February 2021.
Peter Schiff, who frequently criticizes investing decisions, is undoubtedly the most outspoken opponent of the most popular digital currency. MicroStrategy is a well-known provider of business intelligence and technologies.
Also read: Michael Saylor’s MicroStrategy Buys 2,500 Bitcoins
Attacks on MicroStrategy
MicroStrategy has acquired up to 132,500 Bitcoin units so far, worth over 4 billion USD. In order to acquire the digital assets over time, MicroStrategy had to issue Senior Convertible Notes. It is a debt instrument, with the majority of these funds coming from the company’s surplus balance sheet cash. Michael Saylor promoted the Bitcoin ideology when he was still the company’s CEO. He was relying on the idea that the technology underlying the cryptocurrency is capable of generating a significant price increase in the near future.
Peter Schiff frequently attacks MicroStrategy for making the announcement that its BTC assets will continue to be listed on its balance sheet for the foreseeable future. As a business with significant exposure to Bitcoin, MicroStrategy’s share price decline reflects the pessimistic mood sparked by the continuing crypto winter.