Economist Peter Schiff, known for his gold advocate and anti-Bitcoin rhetoric, drew attention to the decline in the Bitcoin price in his latest social media post.
Schiff noted that Bitcoin has fallen below $109,000, a 13% decline from its peak in the last two weeks. “Despite all the hype and institutional buying, this weakness should be concerning,” he said. “A drop to at least $75,000 is possible. Buy now, buy back lower.”
Schiff also noted that many public companies have recently added BTC to their balance sheets, saying, “While dozens of companies are aggressively buying Bitcoin, why is the price 12 percent below the record high of two weeks ago? Who is cashing out? Gold remained almost flat during this period, while the NASDAQ fell only 1 percent.”
When a follower commented, “How did Bitcoin reach $109,000? You said before that it would never go above $100,000,” Schiff replied, “Yeah, I was wrong about that. It hit $100,000 and will probably hit it again.”
*This is not investment advice.
