Bitcoin (BTC) Will Crash When Saylor Stops Buying, Peter Schiff Predicts

Bitcoin (BTC) Will Crash When Saylor Stops Buying, Peter Schiff Predicts

The gold bug Peter Schiff recently pointed out Bitcoin evangelist Michael Saylor for his recent announcement of a $500 million bond sale aimed at boosting Bitcoin.

The gold bug Peter Schiff recently pointed out Bitcoin evangelist Michael Saylor for his recent announcement of a $500 million bond sale aimed at boosting Bitcoin.

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Schiff predicted that the price of the flagship cryptocurrency could collapse if Saylor stopped propping it up with massive leveraged buyouts. “Not again. I wonder how much lower Bitcoin would be now if it weren’t for all these leveraged buyouts,” the cryptocurrency critic said.

The 61-year-old financial commentator further suggested that creditors could “finally force” Saylor to liquidate his Bitcoin holdings.

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After initially adopting the flagship cryptocurrency as a treasury reserve asset in August 2020, MicroStrategy announced its first convertible bond offering in December 2020 to specifically purchase more Bitcoin. The move spooked some analysts, and Citi was quick to downgrade MicroStrategy stock.

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He last offer It is also supposed to boost the Nasdaq-listed company’s Bitcoin fortunes.

It is worth noting that MicroStrategy already owns a whopping 214,000 coins, the base cost of which amounts to $7.5 billion.

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While Schiff is known for his doom-laden Bitcoin takes, banking giant JPMorgan also expressed concerns over MicroStrategy’s leveraged buyouts of Bitcoin earlier this year. JPMorgan’s Nikolaos Panigirtzoglou believes there is a risk of “severe deleveraging.” Such a scenario could occur if cryptocurrency prices fell substantially further. It is therefore evident that Schiff’s criticism is not without foundation.

Earlier this week, Schiff also warned Bitcoin buyers that ETFs would not save them as their buyers are not holders of “diamond hands.”

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