The price of Bitcoin (BTC), the leading cryptocurrency by market cap, has plunged by more than 10% since former MicroStrategy CEO Michael Saylor posted a bizarre picture of him riding a Bitcoin surfboard in a business suit.
The price of the largest cryptocurrency recently collapsed all the way to $53,661.
Earlier today, the price of the leading cryptocurrency briefly came close to the $57,000 level following a US jobs report that managed to alleviate recession concerns. However, Bitcoin then erased its short-lived gains and dropped sharply lower in tandem with US stocks.
Saylor, whose firm holds a total of $12.1 billion worth of Bitcoin, is yet to comment on the devastating Bitcoin crash.
It is worth noting that September tends to be the worst-performing month for the largest cryptocurrency. So far, Bitcoin is already down 8% during this September. In 2019, for comparison, it declined by nearly 14%.
Schiff's prescient call
On Thursday, gold bug Peter Schiff mocked Saylor's bizarre AI-generated picture, arguing that the Bitcoin wave "had already broken."
Schiff urged Saylor to "catch the Bitcoin wave," which was in the process of "swelling."
Prior to that, the prominent financial commentator also slammed Bitcoin ETF investors for betting on the wrong horse. He pointed to the fact that these products were up only 17% despite massive inflows. For comparison, gold ETFs are up by more than 24%.
As reported by U.Today, Schiff recently predicted that the Bitcoin price could eventually crash all the way to the $20,000 level.
The recent prescient prediction, of course, does not change the fact that Schiff has an awful track record when it comes to Bitcoin. The gold bug has been bearish on the largest cryptocurrency since 2011.
Yuri Molchan
Denys Serhiichuk