Peter Schiff predicted a steep decline at Bitcoin price would soon drop below $3,800

The head of Euro Pacific Capital and an outspoken opponent of Bitcoin price, Peter Schiff, is anticipating another sharp decrease in the value of the biggest cryptocurrency. In a tweet earlier today, Schiff predicted that Bitcoin would fall below $4,000.

In his most recent tweet, Michael Saylor, CEO of MicroStrategy and a vocal supporter of Bitcoin, addressed a statement made by Schiff. In response to his tweet that Bitcoin was for winners, Schiff questioned whether Bitcoin was relevant to MicroStrategy stockholders.

Schiff responded to a user who remembered his unsuccessful pessimistic forecast from 2018 by stating that the leading cryptocurrency’s price might fall to the $3,800 mark.

In a tweet on March 10, as AZCoin News reported, Schiff predicted that the cryptocurrency winter would soon develop into a deep freeze as a result of a surge of bankruptcy cases involving blockchain technology. He advised his followers to cash in their Bitcoin and invested the proceeds in gold.

The extremely bearish remarks made by Schiff are not at all shocking. He has consistently prophesied the death of the flagship coin since its inception and has been a longtime critic of it. Schiff has sounded the alarm about the coming collapse of Bitcoin for years.

Bitcoin has shown to be a vital asset despite Schiff’s doomsday forecasts. Over the years, it has had several dramatic price swings, but it has always recovered. Despite Bitcoin continuing to thrive, Schiff’s criticism of it has not changed. He has advised investors to purchase gold instead of the biggest cryptocurrency, which he claims is a speculative asset with no intrinsic worth. It remains to be seen if Schiff’s most recent prediction will come true.

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