Peter Schiff Predicts ‘Fireworks,’ Says Michael Saylor’s Strategy Will See Unrealized Loss During Bitcoin’s Next Bearish Dip
Economist and market commentator Peter Schiff projected Monday that the next Bitcoin (CRYPTO: BTC) pullback would trigger an unrealized loss for Michael Saylor-led Strategy Inc. (NASDAQ:MSTR) on its BTC purchases.
What Happened: During his YouTube podcast, Schiff weighed in on Bitcoin recapturing the crucial $100,000 level and Strategy buying billions in the cryptocurrency funded by debt.
“His average cost now is almost 70,000 a bitcoin, so it’s getting higher and higher,” he said.
Schiff predicted that Strategy’s average acquisition cost might reach $70,000 by his next purchase, and the subsequent Bitcoin decline could push the firm “into the red” for the first time. “We’ll see what kind of fireworks that sparks,” he added.
Strategy didn’t immediately respond to Benzinga’s request for comment.
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