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 didnt hold back, questioning the logic behind the U.S. government holding cryptocurrencies as reserve assets.
Known for his longtime criticism of Bitcoin in particular and crypto in general, Schiff took to X to poke fun at crypto investors after BTCs latest downturn. The cryptocurrencys price had dropped to $76,784, marking a 29% decline from an all-time high of $108,786 attained earlier in the year.
Following the dip, Schiff suggested that many so-called crypto millionaires might need to find other work soon.
Now theres another reason to bring manufacturing back to the United States, he quipped. A lot of crypto millionaires are going to need jobs,” he added.
Despite the ribbing, some analysts believe Bitcoins current correction matches 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.
He recently told traders to “be f***ing patient,” suggesting that a bottom near $70,000 would be a normal part of the market cycle.
Schiff didnt stop at Bitcoins waning prices. He took aim at MicroStrategy (MSTR), now known as Strategy, which has invested billions in the number one cryptocurrency, calling for the ouster of its Executive Chairman Michael Saylor.
Since peaking in November 2024, the firms stock has plunged over 55%, prompting Schiff to declare its Bitcoin acquisition plan had failed. “Clearly, the strategy is not working. The company needs a new CEO too. It’s time to fire Saylor,” he wrote.
Saylors 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. The company is on its way to bankruptcy, he tweeted.
In a separate post, the investment strategist also criticized 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 worlds second-largest cryptocurrency by market capitalization recently cracked below $1,800, a level last seen in November 2023.
