Economist and vocal critic of cryptocurrencies Peter Schiff, who favors gold, has predicted when the Bitcoin exchange rate will collapse.
It's been four weeks since MicroStrategy announced a three-year plan to buy $42 billion worth of Bitcoin. The company has already spent $10 billion on the coin.
At this rate, the three-year plan will be completed in about 16 weeks. When the firm runs out of money, the price of Bitcoin and MicroStrategy shares will collapse, said Schiff.
If Peter's prediction comes true, the collapse of the BTC and MicroStrategy stock markets will occur in late March. However, members of the crypto community do not believe the economist's dire prediction and are mocking him. In response to Schiff's post, one commenter wrote: "Thanks for your messages, Peter. Bitcoin has been falling since it was $1," and attached photos of an aging Schiff, showing the rising price of BTC and the stagnant price of gold.
Peter Schiff Predicts Bitcoin Will Crash
Matt Hougan, investment director at financial services firm Bitwise, also сомневР° ется in a significant decrease in the Bitcoin rate in the future. According to him, the decrease in the price of the cryptocurrency attracts buyers, so the bearish trend quickly gives way to a bullish one, and the market reverses.
