- Peter Schiff renews his attack on Bitcoin after a break below $97,000, stoking bearish sentiment.
- Bitcoin supporters counter with history and cycle context as gold strength draws comparisons.
- Bitcoin trades near the mid-$90Ks after a volatile week; traders track liquidations and support.
Bitcoin critic Peter Schiff has taken a swipe at the cryptocurrency following the latest price decline that saw BTC drop below $100,000.
In his latest post on X, Schiff poked fun at Bitcoin users who celebrated the cryptocurrency’s rise in 2024, asking if any of those who celebrated the $100,000 landmark last year expected a return below that level, particularly when Gold has surged 60% over the same period.
Related: Bitcoin Plunges to $100K as US ‘Data Blackout’ Prices Out Fed Rate Cut Hopes
A Relentless Bitcoin Critic
Schiff’s criticism of Bitcoin has been relentless over the years, as he takes almost every setback opportunity to express why he thinks the cryptocurrency is a “bubble” that is set to burst. However, Bitcoin, for the past several years, has repeatedly defied Schiff’s predictions and rebounded from every setback in history.
Notably, Schiff continued his attack in his latest podcast, poking fun at US President Donald Trump for proposing to make America the Bitcoin capital of the World. Despite noting that the US was already the leading nation in cryptocurrency, Schiff claimed that Trump’s utterances have endangered the financial future of many US citizens amid a deflating crypto bubble.
Potential Effect of a Bitcoin Crash on the US Economy
According to Schiff, the country that leads in crypto is the most to lose if the cryptocurrency revolution fails. He cited the potential implications of a cryptocurrency failure on the US economy, including the loss of opportunities for people working in the cryptocurrency sector.
Meanwhile, he seized the opportunity to hype Gold, his preferred asset, stating that the failure of Bitcoin would translate into success for Gold.
What Does History Say About Schiff’s Bitcoin Criticism?
In the meantime, cryptocurrency supporters have discredited Schiff’s claims, noting that his criticism of the investment products is habitual and without substance. One respondent to Schiff’s post reminded him of his past prediction of a Bitcoin bubble at $9,000, but the cryptocurrency continued to rally.
Bitcoin suffered a setback this week, losing approximately 10% value in four days. The cryptocurrency dropped below $100,000 and traded at $97,120 at the time of writing, according to data from TradingView.
Related: Gold’s Breakout Is the ‘Forerunner’ to DXY Collapse, Bitcoin Rally – Analyst
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