Peter Schiff, one of Bitcoin's biggest critics, took advantage of the cryptocurrency's drop earlier this week to criticize the market and its investors.
One of the main targets of his statements was Strategy, the world's largest corporate holder of Bitcoin.
Going further, the economist also predicts that Bitcoin will fall even more when the U.S. stock market undergoes a correction. At the time of writing, Bitcoin is trading in the range of $67,200.
Peter Schiff recommends selling Bitcoin
Peter Schiff has become one of Bitcoin's most vocal critics in recent years, and whenever the cryptocurrency falls, he seizes the moment to gain engagement on his social media.
This week, Schiff made a post for every $2,000 Bitcoin lost.
"Bitcoin just traded below 71,000.IfBitcoinisthisweaknow,evenwiththeNasdaqhittingrecordhighs,imaginehowmuchweakeritwillgetwhentheNasdaqfinallycorrects,nottomentionenteringabearmarket.Don′twaitfor71,000.IfBitcoinisthisweaknow,evenwiththeNasdaqhittingrecordhighs,imaginehowmuchweakeritwillgetwhentheNasdaqfinallycorrects,nottomentionenteringabearmarket.Don′twaitforMSTR to sell more Bitcoin to sell yours."
When Bitcoin fell to $69,000, going back to breakeven relative to its November 2021 peak, the economist pointed out that the Nasdaq rose 73%, gold advanced 138%, and silver surged 218% over the same period.
After Bitcoin reached $67,000, Schiff claims that only some kind of U.S. government intervention could save the cryptocurrency.
"As Bitcoin continues to melt down, now breaking below $67,000, pressure will increase from Trump's Bitcoin donors and his family's businesses to use the Strategic Bitcoin Reserve to bail out Bitcoin investors and the crypto industry."
Despite the alarming tone, it's worth remembering that Bitcoin reached $60,000 in early February and has experienced even larger corrections throughout its history before continuing to rise.
Contrary to Schiff, for example, Matt Cole, CEO of Strive, claims that the current moment is opportune for buying.
Economist also attacked Strategy
Since Strategy is the world's largest corporate holder of Bitcoin, holding 843,706 coins in treasury, the company was the main target of Peter Schiff's statements. The economist focused on the STRC preferred shares, which Strategy uses to raise funds for new Bitcoin purchases.
"STRCistradingbelow98.Atthisprice,thecurrentyieldis11.75STRCistradingbelow98.Atthisprice,thecurrentyieldis11.75MSTR's ability and commitment to pay that yield, the price will fall even further. This will force @Saylor to raise the official coupon to bring STRC back to $100. Death spiral."
In the comments, some followers point out that Schiff has been wrong about Bitcoin in the past, just as he is now. As an example, the economist once said in 2023 that the cryptocurrency would fall to $3,800.
In response, Schiff claims he has been right about Bitcoin not only for the last five years, but all along. "You will only realize this when you have already lost all your money," he wrote.
