Bitcoin Bashing Fiesta as Price Dips to $77K
Earlier this week, Bitcoin (BTC) saw a significant decline, briefly slipping to a four-month low of just under $77,000. This downturn didn’t escape the notice of Peter Schiff, the vocal gold advocate and cryptocurrency critic, who wasted no time in ridiculing crypto investors. With Ethereum (ETH) also experiencing a slide to a 17-month low, falling below $1,800, Schiff’s critique extended to questioning the rationale behind the U.S. government maintaining cryptocurrency as a reserve asset.
Schiff Ridicules Crypto Investors
On the social media platform X, Schiff utilized the opportunity to mock crypto investors following Bitcoin’s drop to $76,784, representing a sharp 29% decrease from its all-time high earlier in the year at $108,786. After witnessing this plunge, he suggested that many crypto millionaires may need to seek alternative employment, quipping, “Now there’s another reason to bring manufacturing back to the United States. A lot of crypto millionaires are going to need jobs.”
Despite the mockery, some analysts argue that Bitcoin’s current corrections align with historical trends seen in previous bull markets, where declines averaged around 35% to 37%. Notably, Arthur Hayes, co-founder of BitMEX, hinted that Bitcoin could potentially drop to $70,000 before finding stability, encouraging traders to “be f***ing patient.”
Criticism of MicroStrategy and Michael Saylor
Shifting his focus from Bitcoin’s fluctuation, Schiff also targeted MicroStrategy (MSTR) and its Executive Chairman Michael Saylor, who has overseen substantial investments in Bitcoin. Since reaching a peak in November 2024, MicroStrategy’s stock has suffered a more than 55% drop, prompting Schiff to assert that the company’s Bitcoin strategy has failed. He stated, “Clearly, the strategy is not working. The company needs a new CEO too. It’s time to fire Saylor.”
Defenders of Saylor pointed out that MicroStrategy stock had ascended by 1,500% over the last five years and had still gained 85% in the past six months. However, Schiff remains unimpressed, predicting inevitable insolvency for the company and reinforcing his stance on the need for leadership change.
In another comment, Schiff did not hold back on his views regarding Ethereum (ETH) and its spot exchange-traded funds (ETFs), which have experienced a 45% decline since their launch in July of the previous year. With ETH recently dipping below $1,800, a threshold not seen since November 2023, Schiff’s skepticism about cryptocurrencies as a stable investment continues to gain traction.
