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Large-scale Bitcoin buying by Strategy and others pushed prices higher, Peter Schiff argues
Peter Schiff, CEO and chief global strategist of Euro Pacific Capital, notes that while some blame Michael Saylor's sale of 32 Bitcoin for pushing the price below $62,000, it was the massive acquisitions by Strategy, which bought over 840,000 Bitcoin, and similar treasury strategies by other firms that initially drove prices to current levels. Schiff suggests that the same individuals credited with the asset's rise may also play a role in any subsequent declines.
Schiff previously cautioned that Bitcoin could face a rapid drop below $20,000 if complacency persisted and the $50,000 level failed, according to his earlier comments. He also observed strength in gold and silver mining stocks compared to what he saw as a potential end to Bitcoin’s momentum in a recent note. Schiff has remained critical of Bitcoin’s volatility relative to other assets.
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