Peter Schiff Predicts the End of Crypto Millionaires as Bitcoin Falls

Peter Schiff, famous defender of gold and fierce critic of bitcoin, did not miss the opportunity to mock crypto investors following the recent drop in prices. While bitcoin has lost nearly 30% of its value in a few weeks, the economist made a provocative remark on social media.

Peter Schiff mocks the drop of Bitcoin below 80,000 dollars

Peter Schiff, prominent financial commentator and fervent defender of precious metals, joked this Tuesday, stating that the American manufacturing industry would experience strong growth because many crypto millionaires “will need jobs.” This sarcastic statement comes as bitcoin plunged to 76,600 dollars before stabilizing around 80,000 dollars after a slight rebound.

This decline is not isolated, but is part of a broader context of stock market turmoil. The Nasdaq 100 recorded its worst day since 2022 with a nearly 4% drop.

Companies exposed to bitcoin have particularly suffered, as evidenced by the spectacular declines in the shares of Strategy (formerly MicroStrategy, -16.68%) and Tesla (-15.43%), two companies that have heavily invested in crypto.

In the wake of this major correction, Schiff directly questioned the relevance of the American project for strategic reserve of bitcoins, recently announced by the Trump administration. “If the price can drop by more than 30% in less than two months without anything actually happening, how can that be a reserve of anything,” he stated, adding that the logic would be “even harder” to understand if crypto ended up collapsing by 50%.

Between critiques and defense of a “normal” correction

This new attack from Peter Schiff is part of a long series of critiques against bitcoin. The economist, who already labeled crypto as “dead” in May 2024 despite trading levels close to record highs, consistently favors gold and silver as safe havens. He considers bitcoin as a purely speculative asset devoid of intrinsic value, posing what he sees as excessive risks for investors.

In the face of these attacks, some crypto specialists defend a radically different vision. Arthur Hayes, former CEO of BitMEX, asserts that such a correction is perfectly “normal” in the context of a long-term bull market. According to him, this drop even represents a buying opportunity, especially when central banks ramp up their monetary easing policies.

This controversy arises at a crucial time for the institutional adoption of bitcoin in the United States. On March 7, the Trump administration hosted a crypto summit at the White House, bringing together iconic figures from the sector like Michael Saylor (Strategy), Sergey Nazarov (Chainlink), and Brian Armstrong (Coinbase).

The American Secretary of Commerce, Howard Lutnick, confirmed that the president is seriously considering a strategic reserve focused exclusively on bitcoin, potentially positioning the queen of cryptos as a “digital gold” in the national economic strategy.

This correction ironically comes after Michael Saylor presented a strategy aimed at generating 100,000 billion dollars over ten years at the White House crypto summit. His plan advocates for the United States to acquire up to 25% of the total bitcoin supply by 2035.