Crypto pessimist Peter Schiff blasts bitcoin

Peter Schiff, an astute economist, gold bug, and bitcoin critic, 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 because the price will fall to $5000 in the coming year. Schiff’s predictions have elicited many mocking reactions; his position has been summarily described as a ridiculous prediction. 

In an interview on Thursday, the bitcoin critic urged all crypto holders to play it safe by quickly selling off their holdings and using them to buy physical gold. He added that anyone looking to invest in bitcoin as a long-term value store or inflation hedge should refrain from doing so.

Peter took another dig at Microstrategy on bitcoin 

Micro strategy boss Michael Saylor was not spared in the plethora of Schiff criticisms as he got blasted too. He said that Saylor’s obsession with bitcoin would be a stumbling block for the bitcoin investor, and MicroStrategy investors would be critical of his decisions.

Schiff remarked on Twitter that the stock of the company had dropped to a 52-week low and was down a startling 90% from its all-time high, which was in February 2021. So far, MicroStrategy has purchased up to 132,500 bitcoins for more than $4 billion.

MicroStrategy was required to issue Senior Convertible Notes to buy the digital assets gradually. 

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

He was counting on the idea that the cryptocurrency’s core technology could soon lead to a substantial price increase. For announcing that its BTC assets would remain on its balance sheet for the foreseeable future, MicroStrategy has come under fire from Peter Schiff on numerous occasions. 

The decline in the share price of MicroStrategy, a company with sizable exposure to bitcoin, reflects the pessimistic atmosphere sparked by the ongoing crypto winter. 

Peter Schiff’s previous views on crypto 

The origin of Peter Schiff’s cynic disposition to crypto dates back to before Mar.10, 2021, when his son Spencer Schiff decided to join the crypto bandwagon by buying the bitcoin dip. 

Spencer Schiff, whose major interests revolve around libertarianism and anarcho-capitalism, hinted in March 2021 that his erstwhile huge gold reserve is fast being replaced by bitcoin. 

While reacting to his son’s new penchant for bitcoin investments, Peter Schiff threatened to disinherit him just in case his bitcoin move fails. 

As of today, Peter Schiff is currently one of the most outspoken opponents of cryptocurrencies.