Bitcoin Drops 13% As Peter Schiff Warns Of Fall To $75,000

Peter Schiff, a prominent Bitcoin critic and economist, has once again issued a bearish warning about Bitcoin's price, predicting it could drop to around $75,000, which is below the average cost price of Strategy's MSTR holdings. This prediction follows a recent 13% correction in Bitcoin's price, dipping below $109,000 from its recent highs, despite strong hype and significant corporate accumulation, including Strategy's purchase of over 3,000 BTC. Schiff highlights the relative weakness of Bitcoin compared to gold and the NASDAQ during the same period and questions who is selling amid aggressive institutional buying. He advises current Bitcoin holders to consider selling now and buying back at lower levels, suggesting this strategy could be more advantageous than holding through the downturn. Schiff's bearish stance emphasizes the increased volatility and vulnerability of Bitcoin, even as institutional investors continue to add to their positions. His warnings have sparked debate among crypto enthusiasts, with some noting his previous incorrect predictions and the resilience of Bitcoin's value over time.