Bitcoin (BTC) Drops 7% From Its Recent Peak as Peter Schiff Wastes No Time Pointing Out Gold's New High

Peter Schiff, one of Bitcoin's loudest critics and a long-time gold advocate, is back at it, using recent market swings to fuel his argument

Peter Schiff, a renowned critic of Bitcoin and a staunch supporter of gold, continues to mock the cryptocurrency, highlighting recent market trends to fuel his argument. As Bitcoin slid 7% from its recent peak—an occurrence that followed closely on the heels of Trump’s ‘Liberation Day’ speech, which was later fibred to be an April Fool's Day prank—Schiff quickly took to X to point out that gold, the real “store of value,” hit a record high, surging past $3,160.

For Schiff, the message was clear: Gold remains the ultimate safe haven, while Bitcoin is just another volatile gamble.

"Bitcoin is now leading risk assets lower. It's already down 7% from the high that it hit shortly after Trump began his Liberation Day speech. Meanwhile, gold, a true safe haven and store of value, is up another $30, trading in new record territory above $3,160," Schiff stated.

Schiff's latest attack came in the wake of MicroStrategy's stock (NASDAQ:MSTR) taking an 11% hit on March 28. The company, headed by Bitcoin evangelist Michael Saylor, has become a primary institution in the narrative of institutional Bitcoin adoption.

Seeing this drop as an opportunity, Schiff decided to question just how many Bitcoin believers were truly in it for the long haul.

"During an interview, @saylor said he was prepared to ride Bitcoin to zero. How many other HODLers are also prepared to ride Bitcoin to zero? I wonder how many $MSTR shareholders are willing to ride it to zero. Is being prepared to ride Bitcoin to zero better than being surprised?" Schiff asked in a post on Wednesday.

Schiff has consistently dismissed Bitcoin as a speculative bubble, emphasizing its lack of real-world utility and attributing its value to hype. In contrast, he highlights gold's enduring value over centuries due to its industrial use and natural scarcity.

If $Trump can be viewed as a referendum on Trump's popularity, the president has a problem, as his meme coin is now trading below 9, down 88% from its peak price hit on January 19th, the day following its launch.

Peter Schiff pointed out the irony—amid all the talk about Trump and tariffs, Trump’s memecoin isn’t surging. In fact, it’s dropped below $9. If $TRUMP is any indicator of his popularity, that’s bad news for the former president. The coin is now 88% from its peak on January 19, just a day after launch.

Recently, Schiff also took aim at BlackRock CEO Larry Fink, who suggested Bitcoin could serve as a hedge against the U.S. dollar. Schiff wasn't convinced, calling it a blatant marketing ploy to push BlackRock's Bitcoin ETF.

Peter Schiff has slammed Bitcoin as a speculative bubble with no real utility, in stark contrast to gold, which he values for its industrial use and scarcity. He recently dismissed BlackRock CEO Larry Fink's claim that Bitcoin could hedge against the U.S. dollar, calling it a marketing ploy for their ETF.

Schiff prefers gold as a safe haven with real use, while Bitcoin is a risky bet. Bitcoin supporters highlight its fixed supply and decentralized nature as sources of value, similar to how gold's value is ultimately based on collective perception.