MSTR - Peter Schiff Predicts Bitcoin ETFs Will Lead To Its 'Biggest Crash Ever' | Benzinga
Bitcoin's (CRYPTO: BTC) ever-bearish commentator Peter Schiff commented on the crypto king, foreseeing its biggest crash and a potential MicroStrategy (NASDAQ:MSTR) bankruptcy.
What Happened: In his latest appearance on Patrick Bet David’s podcast called "Valuetainment," the economist explains how Bitcoin is going to witness its "biggest crash ever." The route to the crash is:
- Speculative ETF buyers decide to sell.
- ETFs must take Bitcoin and sell in the spot market.
- "There won’t be enough liquidity to absorb that selling" and prices will crash.
- After ETFs receive sell orders, BlackRock and other ETF issuers are forced to sell bitcoin.
Schiff also points out a historical trend: when Bitcoin dips, Tether‘s (CRYPTO: USDT) supply increases is used to push up the price of Bitcoin.
He is also curious why Michael Saylor, ...