{"id":839950,"date":"2025-04-08T18:13:44","date_gmt":"2025-04-08T23:13:44","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/08\/peter-schiffs-time-to-shine-bitcoin-bashing-fiesta-as-price-dips-to-77k\/"},"modified":"2025-04-08T18:13:44","modified_gmt":"2025-04-08T23:13:44","slug":"peter-schiffs-time-to-shine-bitcoin-bashing-fiesta-as-price-dips-to-77k","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/04\/08\/peter-schiffs-time-to-shine-bitcoin-bashing-fiesta-as-price-dips-to-77k\/","title":{"rendered":"Peter Schiff\u2019s Time to Shine: Bitcoin Bashing Fiesta as Price Dips to $77K"},"content":{"rendered":"

Bitcoins <\/p>\n

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Earlier in the week, Bitcoin (BTC) briefly plunged to a four-month low of under $77,000, giving gold advocate Peter Schiff another opportunity to ridicule crypto holders.<\/p>\n

With Ethereum (ETH) also hitting a 17-month low, slipping below $1,800, the outspoken economist didn\u2019t hold back, questioning the logic behind the U.S. government holding cryptocurrencies as reserve assets.<\/p>\n

Bitcoins Schiff Trolls Crypto Traders<\/h2>\n

Known for his longtime criticism of Bitcoin in particular and crypto in general, Schiff took to X to poke fun at crypto investors after BTC\u2019s latest downturn. The cryptocurrency\u2019s price had dropped<\/a> to $76,784, marking a 29% decline from an all-time high of $108,786 attained earlier in the year.<\/p>\n

Following the dip, Schiff suggested<\/a> that many so-called crypto millionaires might need to find other work soon.<\/p>\n

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\u201cNow there\u2019s another reason to bring manufacturing back to the United States,\u201d he quipped. \u201cA lot of crypto millionaires are going to need jobs,\u201d he added.<\/p>\n<\/blockquote>\n

Despite the ribbing, some analysts believe Bitcoin\u2019s current correction matches<\/a> what happened in past bull cycles. In 2017, the asset saw an average correction of 35%, while in 2021, it was 37%. If history repeats, the coin could still fall to $70,000 before stabilizing, a possibility already predicted by BitMEX co-founder Arthur Hayes.<\/p>\n

He recently told traders to \u201cbe f***ing patient,\u201d suggesting that a bottom near $70,000 would be a normal part of the market cycle.<\/p>\n

Bitcoins Schiff Calls for Saylor\u2019s Ouster as MSTR Tumbles<\/h2>\n

Schiff didn\u2019t stop at Bitcoin\u2019s waning prices. He took aim at MicroStrategy (MSTR), now known as Strategy, which has invested billions<\/a> in the number one cryptocurrency, calling for the ouster of its Executive Chairman Michael Saylor.<\/p>\n

Since peaking in November 2024, the firm\u2019s stock has plunged over 55%, prompting Schiff to declare its Bitcoin acquisition plan had failed. \u201cClearly, the strategy is not working. The company needs a new CEO too. It\u2019s time to fire Saylor,\u201d he wrote.<\/p>\n

Saylor\u2019s defenders countered, pointing out that MSTR shares had surged 1,500% in the last five years, and still remained up 85% in the last six months. However, the Euro Pacific Capital CEO dismissed their protestations, insisting that insolvency was inevitable for Strategy. \u201cThe company is on its way to bankruptcy,\u201d he tweeted.<\/p>\n

In a separate post, the investment strategist also criticized<\/a> ETH as well as its spot exchange-traded funds (ETFs). The financial products have plummeted 45% since their launch in July last year, while the world\u2019s second-largest cryptocurrency by market capitalization recently cracked below $1,800, a level last seen in November 2023.<\/p>\n

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Lyndia Mayoral Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Earlier in the week, Bitcoin (BTC) briefly plunged to a four-month low of under $77,000, giving gold advocate Peter Schiff another opportunity to ridicule crypto holders. With Ethereum (ETH) also hitting a 17-month low, slipping below $1,800, the outspoken economist didn\u2019t hold back, questioning the logic behind the U.S. government holding cryptocurrencies as reserve assets.<\/p>\n","protected":false},"author":1,"featured_media":839951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1863,139448],"tags":[11476],"class_list":["post-839950","post","type-post","status-publish","format-standard","has-post-thumbnail","category-peter","category-schiffs","tag-bitcoins"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/839950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=839950"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/839950\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/839951"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=839950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=839950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=839950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}