Peter Schiff, famous golden defender and fierce critic of Bitcoin, did not fail the opportunity to mock crypto investors following the recent fall in courses. While Bitcoin lost almost 30% of its value in a few weeks, the economist launched a provocative spike on social networks.
Peter Schiff quips on the fall of Bitcoin under the $ 80,000
Peter Schiff, an eminent financial commentator and fervent defender of precious metals, quipped this Tuesday by affirming that the American manufacturing industry would experience strong growth, because many crypto millionaires “will need jobs”. This sarcastic statement comes while Bitcoin plunged up to $ 76,600, before stabilizing around $ 80,000 after plump.
This tumble is not isolated, but is part of a wider context of stock market rout. The Nasdaq 100 has recorded its worst day since 2022 with a drop of almost 4%.
Companies exposed to Bitcoin have suffered particularly, as evidenced by the spectacular decreases of the actions of Strategy (ex microstrategy, -16.68%) and Tesla (-15.43%), two companies having massively invested in the crypto.
In the wake of this major correction, Schiff directly questioned the relevance of the American Bitcoins Strategic Reserve Project, announced recently by the Trump administration. “” If the price can drop by more than 30% in less than two months without anything really happening, how can it be a reserve of anything “, He said, adding that logic would be” even more difficult “to understand if the crypto ended up collapsing by 50%.
Between criticism and defense of a “normal” correction
This news attack by Peter Schiff is part of a long series of criticisms of bitcoin. The economist, who already described the crypto “dead” in May 2024 despite trading levels close to records, constantly favors gold and money as a refuges values. He considers Bitcoin as a purely speculative asset without intrinsic value, presenting, according to him, excessive risks for investors.
Faced with these attacks, some Crypto specialists defend a radically different vision. Arthur Hayes, a former CEO of Bitmex, says that such a correction is perfectly “normal” as part of a long -term bull market. According to him, this decrease is even an opportunity to purchase, especially when central banks will intensify their monetary easing policy.
This controversy comes at a crucial time for the institutional adoption of Bitcoin in the United States. On March 7, the Trump administration organized a crypto summit at the White House, bringing together emblematic figures from the sector like Michael Saylor (Strategy), Sergey Nazarov (Chainlink) and Brian Armstrong (Coinbase).
The American secretary of trade, Howard Lunick, confirmed that the president seriously envisaged a strategic reserve centered exclusively on Bitcoin, potentially positioning the queen of cryptos as a “digital gold” in the national economic strategy.
This correction occurs ironically after Michael Saylor presented at the White House Crypto summit a strategy to generate $ 100,000 billion over ten years. Its plan recommends that the United States acquire up to 25% of the total Bitcoin offer by 2035.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
