Bitcoin Price Prediction by Peter Schiff
In a recent social media post, Bitcoin critic Peter Schiff predicted that the price of the leading cryptocurrency could plunge back to the $3,500 level if it were to fall below $15,000.
Schiff’s prediction followed a poll he conducted to gauge whether investors would continue to hold Bitcoin if its price dropped to $15,000. Some users pointed out that Bitcoin has experienced significant drawdowns in the past, which ultimately turned into massive buying opportunities. However, Schiff questioned how severe a price decline would need to be before Bitcoin investors finally capitulate.
The gold advocate also warned that MicroStrategy, the largest corporate buyer of BTC, would face a $4.3 billion loss if the cryptocurrency’s price fell to $15,000.
The Mt. Gox Headwind
Earlier today, BTC’s price dipped to $65,479 due to the acceleration of Mt. Gox repayments. However, according to CryptoQuant’s Ki Young Ju, there was no significant spike in BTC outflows from the Kraken exchange, which he described as a “positive exchange.” About 30 minutes ago, Mt. Gox moved $2.47 billion worth of Bitcoin.
Recently, the price of BTC was bolstered by substantial ETF inflows, but these products saw $78 million worth of outflows on Thursday.
In a separate post, Schiff criticized BTC ETFs, arguing that they demonstrate that the largest cryptocurrency offers “little to no value.” He stated, “Initially, the value proposition of BTC was the elimination of third-party custodians. If you’re going to trust third parties, you might as well trust them to hold your gold.”
