Peter Schiff’s Crypto Roast: Bitcoin’s Fall to $77K Sparks Mockery
Economist Seizes Market Dip to Bash BTC, Calls for Michael Saylor’s Exit
Bitcoin’s recent stumble to a four-month low of $76,784 has given veteran gold advocate and crypto skeptic Peter Schiff another chance to take a swing at digital assets. Ethereum wasn’t spared either, plunging to a 17-month low below $1,800. The downturn triggered a fresh wave of criticism from Schiff, who questioned the logic of the U.S. government holding crypto as reserve assets.
Schiff Trolls Crypto Traders Amid Bitcoin’s 29% Drop
Schiff, never one to miss an opportunity to criticize Bitcoin, took to X to ridicule investors as BTC tumbled nearly 29% from its all-time high of $108,786. His sharpest jab? A suggestion that the wave of “crypto millionaires” may soon need to look for traditional jobs.
“Now there’s another reason to bring manufacturing back to the United States,” he quipped. “A lot of crypto millionaires are going to need jobs.”
Despite the downturn, some analysts argue that Bitcoin’s decline aligns with historical bull cycle corrections. In 2017, BTC saw an average pullback of 35%, and in 2021, it was 37%. If history repeats, a further drop to $70,000 remains possible - a scenario predicted by BitMEX co-founder Arthur Hayes. Urging traders to “be f***ing patient,” Hayes believes this pullback is a natural part of Bitcoin’s price cycle.
Schiff Takes Aim at MicroStrategy, Calls for Saylor’s Exit
Bitcoin wasn’t Schiff’s only target. He also lashed out at MicroStrategy (MSTR), now rebranded as Strategy, which has poured billions into BTC. With MSTR stock down over 55% since its November 2024 peak, Schiff declared the firm’s Bitcoin strategy a failure and demanded Executive Chairman Michael Saylor’s removal.
“Clearly, the strategy is not working. The company needs a new CEO too. It’s time to fire Saylor,” Schiff asserted.
Saylor’s supporters, however, were quick to counter, highlighting that MSTR shares have soared 1,500% over the past five years and remain 85% higher in the last six months. Schiff dismissed their arguments, maintaining that the company is on a fast track to bankruptcy.
Ethereum and Spot ETFs Face Schiff’s Wrath
Schiff’s crypto critique extended beyond Bitcoin. He also took aim at Ethereum (ETH) and its spot exchange-traded funds (ETFs), which have nosedived 45% since launching in July 2024. ETH’s recent slide below $1,800 - a level last seen in November 2023 - only reinforced Schiff’s belief that digital assets remain fundamentally flawed.
As Bitcoin’s price correction continues, crypto enthusiasts are bracing for further volatility, while Schiff enjoys his latest moment in the spotlight.
