Market

Michael Saylor and Bitcoin Grilled by Peter Schiff

Fri, 5/07/2024 – 10:04

Cover image via youtu.be

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Bitcoin (BTC) began Friday with another round of declines, trading at $54,300 and resulting in liquidations totaling over $662.62 million in the past day. 

Advertisement

This decline prompted a reaction from Michael Saylor, CEO of MicroStrategy and a well-known BTC advocate, who took to social media to express his continued support, stating that Bitcoin represents independence (well-timed for U.S. Independence Day on July 4).

Related

HOT Stories

However, Peter Schiff, a well-known financial expert and outspoken critic of Bitcoin, responded with characteristic sarcasm, suggesting that Bitcoin would indeed make investors independent of their money. But there’s a catch.

Schiff also elaborated on his views, highlighting the recent low of $53,550 per BTC, an enormous drop from its record high of $74,000. He pointed out that this represents a 27.5% decline in U.S. dollar terms and a 38.5% decline against gold.

“Don’t say I didn’t warn you HODLers”

He warned that the current bear market for Bitcoin is far from over and reiterated his skepticism. He speculated that at the current price of $54,000, over 70% of Bitcoin ETF investors are likely to experience losses. 

Furthermore, Schiff predicted that if Bitcoin’s value falls below $38,000, all ETF buyers will experience losses, which could trigger widespread selling as investors decide to cut their losses.

Related

As Bitcoin navigates its current bearish phase, the question is whether it can recover from this downturn and reach new heights, or whether the predictions of critics like Schiff will come true and lead to further declines.

SOURCE

Leave a Comment

view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view

view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view

view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view view