Bitcoin

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Prominent Bitcoin detractor Peter Schiff recently took to the X social media network (formerly Twitter) to&nbsp;<a href="https://twitter.com/PeterSchiff/status/1785359905114743113" rel="noopener noreferrer nofollow">predict</a> that the price of Bitcoin (BTC), the largest cryptocurrency, will plunge back to the $20,000 level. The gold bug argues that it would still be a "high" price for the leading cryptocurrency.
In such a case, he estimates that business intelligence company MicroStrategy, which is known as the largest corporate holder of Bitcoin, will have to face an unrealized loss of $3.25 billion.&nbsp;
Schiff has also accused MicroStrategy, which owns a total of 214,400 Bitcoin, of manipulating the largest cryptocurrency.&nbsp;
The gold bug's recent comment came after the price of Bitcoin slipped to an intraday low of $60,065 after the seemingly underwhelming debut of cryptocurrency ETF in Hong Kong.&nbsp;
On Monday, MicroStrategy reported that its revenue of $115.2 million had fallen short of the predicted $121.73 million. The Virginia-based company also logged a net loss of $53.1 million. In the meantime, its operating expenses skyrocketed to nearly $299 million.&nbsp;
MicroStrategy, which first invested in Bitcoin back in 2020, saw its shares surging by an impressive 71% on a year-to-date basis. However, the stock is down 16% today due to the disappointing earnings report and Bitcoin's underperformance.&nbsp;
Despite the fact that Bitcoin has experienced a rollercoaster ride over the past few years, former MicroStrategy CEO Michael Saylor has not wavered in his conviction. During a recent&nbsp;<a href="https://www.cnbc.com/video/2024/03/11/bitcoin-has-all-the-great-attributes-none-of-the-defects-of-gold-microstrategys-michael-saylor.html" rel="noopener noreferrer nofollow">interview</a> with CNBC, he predicted that Bitcoin was going to eat gold.&nbsp;

Peter Schiff Predicts Bitcoin (BTC) Price Will Crash to $20K

U_Today

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