Goldbug Peter Schiff is (to no one’s surprise) busy. smile Regarding the recent drop in Bitcoin prices.
The notorious financial commentator predicted that the price of Bitcoin could plummet to $75,000, its lowest level since April.
Will the benefits of the strategy be at risk?
The predicted decline will wipe out all of Strategy’s paper profits, Schiff said.
Michael Saylor’s Strategy is currently the largest Bitcoin holder, with a total balance of over 640,000 coins.
The strategy’s average cost basis after recent purchases is now $73,981.
As reported by U.Today, the company’s premium to Bitcoin also fell to just 1.44x in late September amid a pullback stemming from investor concerns about stock dilution.
Schiff has repeated predicted MSTR may soon start trading at a discount, meaning selling its shares would result in a negative yield.
The financial commentator suggested in February that Saylor could sell his company’s Bitcoin holdings and buy back its own stock. However, such a scenario is unlikely as this would cause the BTC price to collapse.
Was he finally proven innocent?
Mr. Schiff has routinely been ridiculed in the past for his overly optimistic gold forecasts. however, U.Today reportedthe gold bug finally feels vindicated after the yellow metal recently topped $5,000 for the first time. Gold is currently on track to record its best year since 1979.
“I’ve been right about more things than anything that’s happened in the last 10 years. You just haven’t realized it yet,” Schiff said. said in his recent social media post.
