Crypto pessimist Peter Schiff blasts bitcoin!

Astute economist, gold bug and bitcoin critic Peter Schiff has taken to Twitter to make predictions for 2023.

In a tweet, Schiff stated that Bitcoin Enthusiasts who are optimistic about a price increase in 2023 will have their faith shattered as the price will drop to $5000 in the coming year. Schiff’s predictions have drawn many derisive responses; His position is briefly described as a ridiculous predicament.

In an interview on Thursday, bitcoin critics urged all crypto holders to play it safe early Sell their holding and using them to buy physical gold. He said that anyone looking to invest in bitcoin as a long-term store of value or inflation hedge Avoid doing this.

Peter Takes Another Look at Microstrategy’s Position on Bitcoin

micro strategy master Michael Saylor Schiff was not spared the barrage of criticism as he too exploded. He added that Saylor’s obsession with bitcoin would be a major deterrent for a bitcoin investor, and that microstrategy investors would be critical of his decisions.

Schiff commented on Twitter that the company’s stock had fallen to a 52-week low and was down 90% from its all-time high in February 2021. So far, MicroStrategy has bought 132,500 bitcoins for more. over $4 billion.

MicroStrategy was required to issue senior convertible notes to gradually purchase the digital asset.

While serving as the company’s CEO, Michael Saylor espoused the bitcoin philosophy.

He was banking on the idea that the cryptocurrency’s core technology could soon lead to a substantial price increase. Microstrategy has come under fire from Peter Schiff on multiple occasions for declaring that its BTC assets will remain on its balance sheet for the foreseeable future.

fall in the share price of micro strategyCompanies with large exposure to bitcoin reflect the pessimistic atmosphere generated by the ongoing crypto winter.

Peter Schiff’s Past Thoughts on Crypto

Origin of Peter Schiff cynical nature To crypto dates back to Mar.10, 2021, when his son Spencer Schiff decided to join the crypto bandwagon by buying a bitcoin dip.

Spencer Schiff, whose major interests revolve around libertarianism and anarcho-capitalism, indicated in March 2021 that his formerly vast gold reserves were rapidly being replaced by bitcoin.

Responding to his son’s newfound passion for bitcoin investing, Peter Schiff has threatened to oust him if his bitcoin move fails.

To this day, Peter Schiff is currently one of the most vocal opponents of cryptocurrencies.

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