The renowned economic expert Peter Schiff, known for his ongoing criticisms of Bitcoin and strong support for gold, has once again drawn attention with his provocative statements concerning the recent decline in Bitcoin's price.
Schiff explained in a post on social media that Bitcoin has dropped below $109,000, representing a sharp decline of 13% from its peak reached over the past two weeks. He considers this drop to be concerning despite the media hype and substantial institutional buying.
Schiff stated that the recent decline could be the beginning of a larger downward wave, expecting Bitcoin’s price to fall to around $75,000 at least, directing a sarcastic piece of advice to investors by saying: "Buy now, then buy back when the price falls again." This statement reflects Schiff's traditional stance against the cryptocurrency, as he sees gold as the more stable safe haven compared to Bitcoin's volatility.
The economic expert also noted that many large public companies have recently added Bitcoin to their balance sheets, but he questioned, "If dozens of companies are heavily buying Bitcoin, why has the price dropped by 12% from its all-time high just two weeks ago?" He added that gold remained nearly stable during the same period, while the Nasdaq index only fell by 1%, highlighting the fragility of Bitcoin's price despite the significant momentum surrounding it.
