The chief market strategist of Euro Pacific Asset Management, Peter Schiff, predicts that Bitcoin will not make new highs beyond $69,000 and will continue to decline below $10,000 or less.
Schiff told Kitco News Anchor David Lin that the recent cryptocurrency market rise, particularly Ethereum’s 70% gains since the beginning of July, is not sustainable. An event he referred to as a “sucker’s rally.”
As a result of his pessimistic outlook, he advises investors to cash out during the present upswing.
Many folks are still very successful in the sphere of cryptocurrency investment. Those who invested in Bitcoin four, five, or six years ago have seen significant financial gains. In the same vein, Ethereum is also a viable option. He warned investors to get out before the market eats their profits.
Overview of Schiff’s Key Arguments
Schiff said again that the cryptocurrency market is in a “bubble,” even though Bitcoin has already dropped by 65% from its highs. In addition, he noted that only those who sold during the Bitcoin boom would come out ahead.
He blamed a massive “pump and dump,” in which celebrities like sportsmen and musicians promote various cryptocurrencies, for this year’s pullback in the cryptocurrency markets.
Schiff predicts that MicroStrategy stock will plummet in value, falling to levels below where they were before the company began investing in Bitcoin. It was made very apparent that he thinks the stock in Microstrategy should be sold at a lower price.
On August 3, 2022, Schiff tweeted, in an interview with CNBC, saylor boasted that MSTR’s Bitcoin investment was “a screaming home run for shareholders”. However, $MSTR has lost almost $1 billion on its investment in Bitcoin.
“I think it’s really ridiculous that [Michael Saylor, CEO of MicroStrategy] he’s still claiming that this investment was a success. What he’s doing is he’s looking back at what Bitcoin was when they bought the first Bitcoin. It’s like well, we’re making money on our first purchase, but you can’t cherry pick your first purchase, what about all the other purchases that were higher up? You can’t do that, you’ve got to look at the totality and add up all your purchases. Are you ahead or behind? And they’re way behind,” he said.
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