Peter Schiff believes that Bitcoin will crash further.
Schiff predicted that BTC’s crash will eventually cause MSTR shares to plummet.
Bitcoin crashed by more than 6% in the past 24 hours, trading at $95K.
American stockbroker and crypto critic Peter Schiff has predicted another bearish turn for Bitcoin (BTC) and its largest corporate holder, MicroStrategy. He also took aim at the leverage strategy employed by the business intelligence company to purchase more Bitcoin in recent months.
In a post on X (formerly Twitter), Schiff claimed the Trump administration would not adopt Bitcoin as a reserve asset. He suggested this confirmation would drive Bitcoin holders to sell, which could negatively affect MicroStrategy.
Michael Saylor’s Bitcoin Strategy Under Fire
Schiff believes MicroStrategy and its CEO, Michael Saylor, would accelerate leveraged Bitcoin purchases to prevent a crash. However, he predicts these moves will only delay Bitcoin’s collapse, eventually causing MicroStrategy’s shares to plummet. Notably, MicroStrategy’s stock price fell 9.94% on January 7, closing at $341.42.
When asked about his stance, Schiff clarified that he doesn’…
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