Peter Schiff renewed his long-running criticism of Bitcoin (BTC) on the July 15 episode of “The Peter Schiff Show,” arguing that investors who hold the asset near its current price will eventually regret not selling, as he expects another major decline.
He also questioned Strategy’s decision to sell $450 million in common stock rather than touch its BTC holdings, saying it shows how boxed Michael Saylor’s company has become.
Schiff Lays Out His Bitcoin Case, and Takes Another Shot At Saylor
In the podcast, Schiff admitted that Bitcoin has been surprisingly resilient despite what he believes are growing risks beneath the surface. The economist said that he regretted not buying BTC when he first heard of it 15 years ago, but watching the asset in the last few years had tempered that regret.
“I don’t regret not buying it three, four, five years ago,” he told listeners. “But yeah, 15 years ago, sure, I should have bought it.”
However, he claimed that those who currently hold the OG crypto and still refuse to sell will soon rue their choice. Referring to the cryptocurrency’s current trading range, he argued that there is resistance around $65,000 while support is near $58,000. According to him, if that level fails, Bitcoin could fall below $50,000 before eventually hitting rock bottom at $30,000 or even $20,000.
‘The people who don’t sell it now, they’re going to be the ones that are going to have a lot of regrets,” he warned.
At the time of writing, CoinGecko data showed that BTC was trading a couple hundred bucks under $65,000, having gone up nearly 4% following the release of lower-than-expected US CPI numbers.
The economist then turned to another of his pet subjects, Strategy, which he noted had gone three straight weeks without buying Bitcoin and hadn’t sold any either since disposing of 3,588 BTC last week. Instead, Saylor’s firm raised $450 million through a common stock sale, pushing up its cash reserves to $3 billion, all while the stock traded at a huge discount to the value of its Bitcoin.
Schiff called it a needless dilution and argued that Strategy had avoided selling BTC only because doing so would tank the cryptocurrency’s price.
“Saylor knows if he starts really selling Bitcoin, the price is going to crash,” he claimed. “Now, the problem is it’s going to crash anyway because the market realizes the bind he’s in, and even if he doesn’t sell the market is going to crash out from under him.”
Corporate Treasury Debate In Focus
Schiff’s criticism has come at a time when analysts are reassessing the corporate Bitcoin accumulation story, of which Strategy is the biggest player. According to a recent report from QCP Capital, when Saylor’s firm sold some of its Bitcoin for the first time in late May, the amount, though small (32 BTC out of an over 847,000 BTC stash), still changed the way investors looked at such companies.
Many of them are now paying more attention to their cash reserves, equity issuances and the funding conditions of such operations to determine whether future purchases remain sustainable instead of just being swept away by the latest headline-grabbing buys.
The post Peter Schiff: Bitcoin Holders Will Soon Regret Not Selling at Current Levels appeared first on CryptoPotato.
