Gold bug Peter Schiff (to no one's surprise) has been busy gloating over the most recent Bitcoin price crash.
The infamous financial commentator has now predicted that the price of Bitcoin could collapse all the way to $75,000, which would be the lowest level since April.
Strategy's gains in danger?
The predicted drop, according to Schiff, will wipe out all of the paper gains recorded by Strategy.
Michael Saylor's Strategy is currently the largest Bitcoin holder, with its total balance surpassing 640,000 coins.
Strategy's average cost basis currently stands at $73,981 following the most recent purchases.
As reported by U.Today, the company's premium relative to Bitcoin has also dwindled to just 1.44 in late September amid backlash stemming from investor concerns about stock dilution.
Schiff has repeatedly predicted that MSTR could soon start trading at a discount, meaning that selling the company's shares will produce a negative yield.
In February, the financial commentator suggested that Saylor could potentially sell his company's Bitcoin holdings and buy back shares. However, this would crash the BTC price, which is why such a scenario remains unlikely.
Finally vindicated?
Schiff would routinely get mocked due to his overly optimistic gold forecasts in the past. However, as reported by U.Today, the gold bug finally feels vindicated after the yellow metal recently surpassed $5,000 for the first time. Gold is now on track to log its best year since 1979.
"I've been right about more things than have happened over the past decade. You just don't realize that yet," Schiff said in his recent social media post.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team