Notorious bitcoin opponent Peter Schiff recently took to social network X (formerly Twitter) to predict that the price of bitcoin (BTC), the largest cryptocurrency, will collapse to the $20,000 level. The gold miner argues that this would still be a "high" price for major cryptocurrencies.
In this case, Schiff predicts that #MicroStrategy , the largest known holder of #bitcoin , would suffer an unrealized loss of $3.25 billion.
Schiff also accused MicroStrategy, which owns a total of 214,400 bitcoins, of manipulating the largest #cryptocurrency .
The gold bugler's latest comments came after the cryptocurrency ETF's underwhelming debut in Hong Kong, which saw the price of bitcoin fall to an intraday low of $BTC On Monday, MicroStrategy reported revenue of $115.2 million that fell short of expectations of $121.73 million. The Virginia-based company also reported a net loss of $53.1 million. Meanwhile, operating expenses rose to nearly USD 299 million.
The share price of MicroStrategy, which first invested in bitcoin in 2020, has risen 71% since the beginning of the year. However, the share price is down 16% today due to a disappointing earnings report and low bitcoin yields.
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