U.S. economist warns Bitcoin set for a ‘quick trip below $16,500’

U.S. economist and gold advocate Peter Schiff has warned that Bitcoin’s ( BTC ) decline could accelerate if the cryptocurrency breaks below $50,000. According to Schiff, such a move could trigger a rapid drop toward its 2022 cycle low of under $16,500 before year-end. Such a collapse would prove catastrophic for Strategy (NASDAQ: MSTR ), the largest corporate Bitcoin holder, Schiff said in an X post on November 14. Notably, Schiff has criticized Bitcoin for more than a decade, arguing that it lacks gold’s reliability as a store of value and relies heavily on speculative demand. He has also repeatedly questioned corporate Bitcoin accumulation strategies, particularly that of Strategy. The company has accumulated more than 850,000 BTC at an average purchase price of approximately $75,000 per coin.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Finbold.