Economist and well-known cryptocurrency skeptic Peter Schiff has once again expressed a negative outlook on Bitcoin (BTC).
In a social media post on Tuesday, August 26, Schiff warned that the “digital gold” could fall as low as $75,000.
The financial commentator further urged investors to exit positions now and re-enter at lower levels, arguing in the comments that “selling now and buying back lower beats just riding it all the way down.”
Bitcoin slips further
The warning comes as Bitcoin slipped below $109,000 on Monday, August 25, marking a 13% decline from its peak less than two weeks ago.
Meanwhile, Michael Saylor’s Strategy (NASDAQ: MSTR) disclosed the purchase of 3,081 BTC, worth nearly $357 million, at an average price of $115,829, bringing its total holdings to about $69.6 billion.
Schiff suggested that Bitcoin’s downturn could soon push prices “just below MSTR’s average cost,” as recent volatility was fueled by a 24,000 BTC whale sale that triggered large liquidations across the market.
Macro factors also remain in play. As Federal Reserve Chair Jerome Powell remarked during his Jackson Hole speech, labor market risks briefly lifted BTC by 4%, though the momentum quickly faded.
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Source: https://finbold.com/u-s-economist-warns-a-bitcoin-crash-to-75k-is-in-play/
