Peter Schiff has agreed with Michael Saylor that Bitcoin price might rally up to 6.125% annually in the next 7 years

By Selena On Jun 17, 2021

After the founder and CEO of MicroStrategy, Michael Saylor said his company would raise another billion to buy more bitcoin, the popular Economist and gold bug Peter Schiff called him truly insane. Recently, however, Schiff expressed his agreement that the Bitcoin price will likely increase to 6,125% in the next seven years.

Peter Schiff agrees Bitcoin price may rise 6.125% in next 7 years

Following the latest development coming from MicroStrategy, in which the company outlined plans to allocate another $1 billion in the asset, the prominent economist called Saylor truly insane. Schiff further alleged Saylor in buying more BTC only to keep it from crashing instead of actually doing something positive for shareholders and investors.

You’re truly insane. If #Bitcoin really will be as successful as you claim #MircoStrategy already holds more than enough to make all your shareholders rich. Your actions don’t match your words. These are acts of desperation to keep Bitcoin from crashing by buying as much you can.

— Peter Schiff (@PeterSchiff) June 14, 2021

Recently, Saylor posted a tweet asking:

“Do you expect the price of Bitcoin to appreciate more than 6.125% annually over the next seven years?”

And to his surprise, Schiff replied that he had agreed with Michael Saylor that Bitcoin might rally up to 6.125% annually in the next seven years. However, the Euro Pacific Capital CEO is certain BTC can easily plunge below the $10,000.

I don’t, but even if it does, #Bitcoin can easily crash below $10,000 first, especially if there’s a lot of margin related forced selling on the next leg down. If that happens leveraged longs my be forced to sell their Bitcoin before those long-term gains can be realized.

— Peter Schiff (@PeterSchiff) June 17, 2021

Not only Schiff, but the MicroStrategy CEO’s Twitter poll also yielded good results, with 90% of respondents have voted “yes”.

Schiff thinks he didn’t expect this kind of mutation. However, he admits that even if Bitcoin gains this much, it could easily drop below $10,000 first. According to him, the main reason for this is that there could be more margin-related forced selling in the next BTC correction. Traders who are long with leverage now may be forced to sell.

He stated:

“If that happens leveraged longs may be forced to sell their Bitcoin before those long-term gains can be realized.”

Against my advice my 18-year old son @SpencerKSchiff borrowed money to buy more #Bitcoin. He is now 113% long. He likely can’t even qualify for a credit card, but he can borrow money at 8% to buy Bitcoin. I’m sure this is typical among HODLers. The next crash will be brutal!

— Peter Schiff (@PeterSchiff) June 17, 2021

Accordingly, he also revealed that his 18-year-old son Spencer has borrowed money at 8% to acquire more BTC, acting against his advice. Furthermore, Spencer cannot yet qualify for a credit card, but he can borrow through another financial platform.

Read more:

Join us on Telegram