Bitcoin Price Concerns

The longer Bitcoin (BTC) stays at high prices, the more damage it causes, according to Peter Schiff. He argues that every market dip signals an impending collapse of a financial illusion. To Schiff, this fall is not only expected but necessary, regardless of the losses it may incur for investors.

His comments were a response to criticism from a Bitcoin holder, who claimed he was “kicking down” when prices fell. Schiff asserts that his critiques target the bubble itself, highlighting the dangers of Bitcoin as a speculative asset and emphasizing that the bubble’s burst is inevitable.

> “As far as Bitcoin is concerned, I believe it is doing substantial harm. The longer the bubble goes on, the more damage that will be done and the more people that will be harmed. So yes, I’m happy when the price goes down, as that means we are getting closer to the end of the con.”
> — Peter Schiff (@PeterSchiff) March 15, 2025

Additionally, Schiff faces his own financial challenges with his Panama-based Euro Pacific Bank, which was shut down under what he describes as politically motivated regulatory scrutiny. Despite his bank troubles, Bitcoin is also suffering; after failing to maintain its 200-day moving average, it experienced a swift decline, dropping over 2% in four hours and hitting a low of $82,300.

This downturn resulted in substantial liquidations across the crypto market, wiping out positions valued at $93.2 million, with the majority from long positions, impacting investors who expected prices to rise.