Bitcoin critic Peter Schiff has once again torn into Bitcoin’s weak market performance and advised long-term HODLers to abandon ship. He made these comments on X, once again highlighting the digital asset’s poor performance against Gold, an asset he actively promotes.
Schiff tweeted:
Image Source: XSchiff pointed out that the digital currency has dipped below its November 2021 high of $69k and hasn’t found a reliable floor. He continued the criticism, saying that Bitcoin is down 60% from its 2021 highs against Gold and is dipping even further due to the strong showing of the latter.
He also highlighted Michael Saylor’s $54 billion Bitcoin bet and how it is now reporting near double-digit losses after the latest price drop, with no end in sight to this misery. He passionately calls for HODLers to abandon ship and invest elsewhere.
Schiff Calls the Death of the Biggest “Financial Mania” in History
Schiff continued to lambast Bitcoin in later tweets. He called it the biggest “financial mania” in history and said it was now over, with nothing able to redeem it. He blamed crypto-related liquidations for the recent sharp drop in Silver’s fortunes. He encouraged investors to continue buying silver.
Schiff’s criticism, while causing further FUD for crypto holders, should be taken with a pinch of salt. He has called the top of Bitcoin on more than 20 occasions, most famously as early as 2013, when Bitcoin hit major milestones at $250 and $1,100.
The gold bug reportedly began issuing more frequent “death” calls, arguing it was a speculative bubble similar to “Tulip Mania”. He has continued his rhetoric ever since, and the premier digital currency appreciated more than 120x at one point. Bitcoin is up at least 6000% since he first called it a bubble and predicted its imminent crash.
One user pulled out his 2018 tweet that sums it up the best:
Image Source: XThe premier digital currency is currently trading around $69k at press time and is technically still in free fall. It found some strong support around the $60k psychological level. It is now almost 48% down from its All-Time High (ATH) of $126.5k, but that is still subdued compared to previous crashes.
All in all, the 2025 calendar year was a major disappointment for the cryptocurrency sector. However, assets do suffer setbacks from time to time, and it remains to be seen just how effectively Bitcoin can recover from its latest capitulation.
Source: https://zycrypto.com/bitcoin-hodlers-should-abandon-ship-says-peter-schiff-after-btc-dropped-to-60k/
