In a recent social media post, Bitcoin nemesis Peter Schiff has predicted that the price of the leading cryptocurrency could plunge back to the $3,500 level if it were to fall back below $15,000.
This came after he posted a poll in order to determine whether investors would keep holding the leading cryptocurrency if it were to drop to $15,000.
Some users recalled that Bitcoin has already experienced severe drawdowns in the past. These corrections ended up being massive buying opportunities.
Schiff, however, wants to know how big a price decline Bitcoiners would need to experience before they finally capitulate.
The gold bug has also warned that MicroStrategy, the biggest corporate buyer of Bitcoin, will be sitting at a $4.3 billion loss if the price of the leading cryptocurrency were to drop to the $15,000 level.
The Mt. Gox headwind
Earlier today, the price of the leading cryptocurrency dipped $65,479 due to Mt. Gox repayments picking up steam.
However, according to CryptoQuant Ki Young Ju, there was no significant spike in Bitcoin outflows from the Kraken exchange, which is a "positive exchange."
About 30 minutes ago, Mt. Gox moved $2.47 billion worth of Bitcoin.
Recently, the Bitcoin price benefited from substantial ETF inflows. However, these products experienced $78 million worth of outflows on Thursday.
In a separate post, the financial commentator took on Bitcoin ETFs, arguing that they prove that the largest cryptocurrency offers "little to no value." "Initially, the value propositions of Bitcoin was the elimination of third party custodians. If you're going to trust third parties, you might as well trust them to hold your gold," he said
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team