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Peter Schiff, the famous golden defender and wild critic of Bitcoin, did not disappoint the opportunity to ridicule crypto investors after a recent fall in courses. While Bitcoin lost nearly 30% of its value in a few weeks, the economist initiated a provocative increase on social networks.
Peter Schiff jokes to fall Bitcoin below $ 80,000
Peter Schiff, a significant financial commentator and the boiling defender of precious metals, joked this Tuesday by the fact that the US manufacturing industry will record strong growth, because many millionaire crypto “will need work”. This sarcastic statement comes while Bitcoin has risen up to $ 76,600 before stabilizing around $ 80,000 after a plump.
This drumming is not isolated, but is part of the wider context of the stock market. Nasdaq 100 has seen its worst day since 2022 with a drop in almost 4%.
Bitcoin companies have suffered in particular, as evidenced by the magnificent reduction in the activities of the strategy (ex microstrategy, -16.68%) and Tesla (-15.43%), two companies that invested massively in the crypt.
As a result of this main correction, Schiff directly questioned the relevance of the American project Bitcoins Strateg Reserve, which recently announced the Trump administration. ” If the price may drop by more than 30% in less than two months without actually happening as it can be a reserve of something “He said, adding that the logic would be” even more difficult “to understand whether the crypto would collapse by 50%.
Between criticism and defense of “normal” correction
This new attack by Peter Schiff is part of a long series of critic Bitcoins. The economist who has already described the crypto “dead” in May 2024, despite the business level of close records, constantly prefers gold and money as the values of the cliff. Bitcoin considers a purely speculative asset without its own value and, according to it, represents excessive risks to investors.
Some crypto specialists who faced these attacks defend a radically different vision. Arthur Hayes, a former CEO of Bitmex, says such correction is perfectly “normal” as part of the long bull market. According to him, this decline is even opportunities to buy, especially when central banks intensify their policy of release of cash release.
This discussion comes at a decisive time for institutional acceptance of bitcoins in the United States. On March 7, Trump’s Krypto Summit administration in the White House organized symbolic characters from the sector, such as Michael Saylor (Strategy), Sergey Nazarov (Chainlink) and Brian Armstrong (Coinbase).
US Trade Minister Howard Lunick confirmed that the President seriously assumed a strategic reserve focused exclusively on bitcoins and potentially placed Queen Kryptos as “digital gold” in the national economic strategy.
This correction occurs ironically after Michael Saylor introduced a strategy at the White House Summit, which generates $ 100,000 billion in ten years. Its plan recommends that the United States will receive up to 25% of the total Bitcoins offer by 2035.
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Passionate Bitcoin, I like to explore meanders blockchain and cryptos and share my discoveries with the community. My dream is to live in a world where privacy and financial freedom is guaranteed for everyone, and I firmly believe that Bitcoin is a tool that can make it possible.
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The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.