Bitcoin plummeted nearly 20% in the past 24 hours, falling below the $50,000 mark. Peter Schiff, the founder of SchiffGold, a gold and precious metals trading firm that has long criticized the value of Bitcoin, warned today that the Bitcoin crash could trigger a massive liquidation of Bitcoin spot ETFs on Monday, signaling a black Monday for cryptocurrency.
Earlier today, just a few hours before Bitcoin dropped below $49,000, Peter Schiff, the founder of SchiffGold, tweeted a series of tweets expressing his criticism of Bitcoin and sharing his views on the cryptocurrency.
When Bitcoin briefly fell below $50,000 in the afternoon, Peter Schiff stated that Bitcoin ETF buyers are not long-term holders and have never experienced such a large drop in Bitcoin. They will be greatly disappointed, especially because they were told that Bitcoin is a safe haven and a store of value.
It is worth noting that Peter Schiff launched a poll at the end of last month asking Bitcoin holders if they would sell their Bitcoin if it fell below $15,000, an 80% drop from its all-time high in 2024 and nearly 25% lower than the bear market low of 2021 and the high point of 2017. Out of the 22,000 people who voted, only 11% said they would sell, while a staggering 89% chose to hold firm.
At the time, Peter Schiff was dismissive of the poll results. He pointed out that if MicroStrategy did not buy more Bitcoin during this downturn, the company would lose $4.3 billion. He also stated that the Bitcoin bubble is even bigger now and if the price falls below $15,000, it could easily further collapse to $3,500. He questioned Bitcoin holders:
Related reports
Bitcoin L2 may be 100 times more expensive than Ethereum L2, analyst says most BTC L2 cannot survive
Bitcoin’s hedge function fails: BTC falls below $60,000 this morning, gold approaches historical highs
Trump proposes “paying off $35 trillion in national debt with Bitcoin” to make America great again, mocking Biden: Only someone without a brain would oppose cryptocurrency.