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Prominent Bitcoin detractor Peter Schiff recently took to the X social media network (formerly Twitter) to predict 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.
Schiff has also accused MicroStrategy, which owns a total of 214,400 Bitcoin, of manipulating the largest cryptocurrency.
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.
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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.
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.
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 interview with CNBC, he predicted that Bitcoin was going to eat gold.