彼得希夫

As BTC drops to $77,000, Peter Schiff fires back with strong criticism!

Bitcoin has recently 'crashed' again, with the price falling below $77,000, hitting a four-month low. Ethereum is also in bad shape, dropping below $1,800, marking a 17-month low. This wave of decline has given gold advocate Peter Schiff another opportunity to 'mock' cryptocurrency investors.

Schiff has always been hostile to Bitcoin, and this time he has made bold claims on the X platform, asserting that Bitcoin's decline validates his viewpoint. He also teased that cryptocurrency millionaires, facing significant losses, may soon be job hunting, even joking, "This gives us another reason to bring manufacturing back to the U.S., after all, these wealthy individuals need to find work again."

However, despite Schiff's 'gloating,' some analysts believe that Bitcoin's current correction is actually similar to past bull market cycles. In 2017, Bitcoin's average pullback was 35%, and in 2021, it was 37%.

Based on historical patterns, Bitcoin may still drop to around $70,000. BitMEX co-founder Arthur Hayes has also predicted this possibility, advising traders to remain patient while hinting that nearing the $70,000 bottom is a normal phenomenon in market cycles.

Schiff's 'attack' is not limited to Bitcoin's price. He has also targeted MicroStrategy (now known as Strategy), a company that has heavily invested in Bitcoin, with its stock price plummeting over 55% from November 2024 to now.

Given Strategy's struggling Bitcoin investment strategy, Schiff has even publicly called for the company's board to dismiss its executive director Michael Saylor and replace its CEO.

However, Saylor's supporters are not backing down, stating that MSTR's stock price has increased by 1,500% over the past five years and has risen by 85% in the last six months. Nonetheless, Schiff is not convinced, insisting that Strategy will inevitably go bankrupt.

He has also criticized Ethereum and its spot ETF, as these financial derivatives have already fallen 45% since their launch in July last year. Furthermore, with ETH recently dropping below $1,800, its market cap has hit the lowest level since November 2023.

In summary, the recent declines of Bitcoin and Ethereum have reignited Schiff's 'fire,' but is the cryptocurrency market really 'beyond saving'? Let’s see in the comments!

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Peter Schiff: Bitcoin is a 'Fraud' and its Strategy May 'Bankrupt'

Peter Schiff, CEO of Europe Pacific Bank, recently launched a fierce attack on Bitcoin and its supporters in a recent X Spaces podcast.

This investor, who manages over $1 billion in assets, not only criticized the essence of Bitcoin but also targeted Michael Saylor's Bitcoin whale company Strategy, predicting that it will 'eventually go bankrupt due to Bitcoin'.

Schiff believes that promoters of Bitcoin have packaged it as 'digital gold', but in reality, its performance is vastly different from gold, and thus this 'marketing' approach is a form of 'fraud'. He pointed out that the trading mechanism of Bitcoin is completely different from that of gold; it is merely a risk asset.

Schiff also questioned the use of Bitcoin, considering it a 'super risk asset' and lacking practical support. He noted that at least tech stocks have profit prospects; when you buy them, you are buying into a company that can make money, while Bitcoin does not have that.

However, Bitcoin supporters argue that Bitcoin not only provides a decentralized financial service, which is simple, practical, reliable, fair, and transparent, making it easy for anyone to use, but it also has immense growth potential.

In addition, the economic attributes of Bitcoin are similar to gold, with limited supply and high difficulty and cost of acquisition. Despite Bitcoin's recent performance being weaker than gold, its significant rise in recent years cannot be ignored.

It is worth noting that from an investment return perspective, since 2009, Bitcoin's return on investment has reached an astonishing 2.82 billion%, far exceeding gold's 230%. As of mid-April, Bitcoin's price increase over the past 12 months has reached nearly 40%.

Nevertheless, Schiff continues to insist that Bitcoin is a 'fraud' and predicts that its strategy may 'go bankrupt'. However, Bitcoin supporters seem unconvinced, believing that Bitcoin's future remains full of potential.

What do you think about the future of Bitcoin? Is it the 'fraud' that Schiff claims, or the 'digital gold' that supporters see? Leave your thoughts in the comments!

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