Peter Schiff Says Bitcoin ETF Buyers 'HODLing' Amid King Crypto's Plunge But Warns 'Much Larger Drop ... May Come As Soon As Next Week'
Portfolio Pulse from Shanthi Rexaline
Peter Schiff warns that Bitcoin ETF buyers are 'HODLing' amid a significant drop in Bitcoin's price, but predicts a much larger drop may occur soon. Schiff suggests that a decline below $38,000 will lead to significant selling pressure from Bitcoin ETF holders.
July 06, 2024 | 3:22 pm
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Bitcoin's price has dropped significantly, and Peter Schiff warns of a potential further decline. A drop below $38,000 could trigger massive selling from Bitcoin ETF holders.
Bitcoin's price has already seen a significant drop, and Peter Schiff's warning suggests that further declines could lead to massive selling pressure from ETF holders. This could negatively impact Bitcoin's price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
MicroStrategy's Michael Saylor borrowed $1 billion to buy Bitcoin at $66,000. With Bitcoin's price dropping, there may be financial pressure on MicroStrategy if the price continues to decline.
MicroStrategy's significant investment in Bitcoin at a higher price point could lead to financial strain if Bitcoin's price continues to decline, impacting the company's stock negatively.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 80