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Peter Schiff Agrees with Michael Saylor That Bitcoin Is on Sale, But There's a Catch


u.today 17 June 2022 12:12, UTC
Reading time: ~3 m

Prominent Bitcoin hater and founder of SchiffGold, gold bug Peter Schiff, has taken to Twitter to share that he agrees with one point regarding BTC with Michael Saylor, a BTC evangelist, CEO of MicroStrategy, who was recently interviewed on CNBC.

In this interview, he stated that Bitcoin is now on sale, and Schiff agrees with that, according to his tweet; however, he does not agree with it 100%.

"I agree with Michael Saylor, Bitcoin is on sale"

In the interview covered by U.Today, Saylor said that as Bitcoin had (at that moment) dropped to touch the $21,400 level, it was on sale and provided an ideal point of entry. He added that BTC touches this price level every four years.

Bitcoin critic Schiff, who has been predicting BTC's fall below $30,000 since January and has kept talking about the king crypto going to zero soon, could not help saying something about BTC in the context of Saylor’s interview either. The MicroStrategy CEO is believed to be one of the major influencers of the BTC community.

Schiff agrees about Bitcoin being on sale, but he says that it is not a buy. It is "a going-out-of-business" sale, as he put it. He believes that soon the closeout sale of Bitcoin will occur and, it "will be epic."

I agree with @saylor, #Bitcoin is on sale. But I don't agree that it's a buy. The problem is that it's a going-out-of-business sale. Early markdowns are nothing. Just wait until the blowout, final markdowns. The closeout sale will be epic. Be careful, all sales final. No returns.

— Peter Schiff (@PeterSchiff) June 16, 2022

"My predictions for BTC and ETH confirmed nearly 100%"

On June 16, Schiff tweeted that the prediction for the levels Bitcoin and Ethereum would hit as they are rolling down, and this was confirmed almost completely.

Days before, the SchiffGold founder tweeted that BTC would hit $20,000 and the second biggest crypto, ETH, would drop down to $1,000. Reaching levels very close to these took BTC and ETH a few more days than he expected, but still, Bitcoin "came $80 within $20,000 and Ethereum within $20 of $1,000."

In that tweet, Schiff again mentioned that he expects "a real crash" of crypto prices.

Schiff taking jab at Grayscale

Goldbug Schiff has also addressed the issue of Grayscale's Bitcoin-based shared GBTC falling 78% from its all-time high and hitting a 33% discount to NAV.

Today, according to Schiff, GBTC, once a popular product among investors, fell another 27.5%, trading at $12.60.

Schiff is mocking the TV advertising campaign "Drop Gold" for Bitcoin launched by Grayscale in 2019. Since then, the company's GBTC has soared and rolled down to the levels mentioned above.

However, Schiff stated that since 2019, gold has been up more than 30%. He has asked Barry Silbert, crypto billionaire and founder of Digital Currency Group, parent company of Grayscale, to comment on that.

In May of 2019 #Grayscale launched its drop #gold campaign, pumping #Bitcoin and the price of $GBTC up to $17.40 the next month. Today GBTC hit $12.60, down 27.5% (78% below its high, at a 33% discount to NAV). Over the same 3 years gold is up over 30%. Any comment @BarrySilbert?

— Peter Schiff (@PeterSchiff) June 16, 2022

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