Bitcoin (BTC) Plunge to Four-Month Low Sparks Schiff's Latest Crypto Criticism

Bitcoin (BTC) briefly plummeted to a four-month low, dipping under $77,000 earlier this week. The decline provided another opportunity for gold advocate and crypto skeptic Peter Schiff to ridicule cryptocurrency investors.

Bitcoin (BTC) briefly fell to a four-month low on Wednesday, dipping below $77,000 as the cryptocurrency continued its recent decline. The drop provided an opening for renowned gold advocate and crypto skeptic Peter Schiff to deliver another round of criticism.

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Bitcoin (BTC) price fell to a four-month low on Wednesday, briefly dipping below the $77,000 mark. The latest downturn provided an opportunity for gold advocate and crypto skeptic Peter Schiff to ridicule cryptocurrency investors.

In a post on X, formerly Twitter, Schiff questioned the logic of the U.S. government holding cryptocurrencies such as Bitcoin and ether (ETH) as reserve assets. He also suggested that Bitcoin "millionaires" might soon have to find new jobs.

"Now there’s another reason to bring manufacturing back to the United States," Schiff quipped. "A lot of crypto millionaires are going to need jobs."

However, seasoned crypto analysts like BitMEX co-founder Arthur Hayes pointed out that this correction is in line with past bull cycles. In 2017, Bitcoin experienced an average correction of 35%, while in 2021, it faced a 37% drop.

"We are in uncharted territory. But if history does rhyme, and I believe it does, we are due for a deeper retracement," Hayes said in a recent blog post.

suggesting that traders should "be f*ing patient." He predicts that Bitcoin could find support around $70,000 before stabilizing.

Schiff's Latest Jabs: MicroStrategy and Bitcoin Strategy

In another post, Schiff targeted MicroStrategy (now Strategy Inc. (NASDAQ:MSTR)) and its Executive Chairman Michael Saylor, focusing on the company's Bitcoin investment strategy.

MicroStrategy has been one of the most high-profile corporate Bitcoin investors, acquiring billions worth of BTC since 2020. However, its stock price has plummeted over 55% since peaking in November 2024, leading Schiff to claim the company's strategy has failed.

"Clearly, the strategy is not working. The company needs a new CEO too. It’s time to fire Saylor," Schiff asserted.

"It’s no wonder they’re shutting down their products and laying off employees. But they’ll never admit it was the Bitcoin mania that drove them to this point," he added.

Despite the recent decline, MicroStrategy's stock remains 1,500% higher over the last five years and has surged 85% in the last six months. Saylor's supporters maintain that the company's long-term strategy will prevail and that the near-term price fluctuations are normal in the crypto market.

But Schiff remains skeptical, further claiming that MicroStrategy is heading toward bankruptcy. "The company is on its way to bankruptcy," he stated, persisting in his bearish view.

Schiff also took aim at Ethereum and spot ETH exchange-traded funds (ETFs), which launched in July and have since struggled significantly, plummeting 45% since their debut.

According to Schiff, these declines highlight the lack of fundamental value in digital assets, contrasting them with traditional investments like gold, which he prefers.

"Why would the U.S. government want to hold cryptocurrencies like Bitcoin and ether as reserve assets? Isn’t that like saying we’ll accept payment for our war bonds in seashells?" he questioned.

As crypto markets navigate their latest correction, the ongoing battle between Bitcoin advocates and traditional finance skeptics like Schiff continues to unfold.