The extremely vocal critic of Bitcoin is once again predicting a steep decline in the value of the world's largest cryptocurrency
Schiff's latest tweet was in response to a comment by Michael Saylor, CEO of MicroStrategy, who has been a major proponent of Bitcoin.
Saylor had tweeted that Bitcoin is for winners, to which Schiff responded by questioning the relevance of Bitcoin to MicroStrategy shareholders. In response to a user who recalled Schiff's failed bearish prediction from 2018, Schiff suggested that the price of the flagship cryptocurrency could still plunge to the $3,800 level. In a March 10 tweet, Schiff suggested that a wave of blockchain-related bankruptcies would soon crash down on cryptocurrencies, turning the crypto winter into a deep freeze. He urged his followers to sell their Bitcoin and buy gold instead.Schiff's ultra-bearish comments are not even remotely surprising.
Despite Schiff's dire predictions, Bitcoin has proven to be a resilient asset. It has experienced several significant price swings over the years but has always managed to bounce back. Schiff has not wavered in his criticism of Bitcoin in spite of its continued resilience. He has suggested that the largest cryptocurrency is a speculative asset that has no real value and has urged investors to instead buy gold.
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