Summary
- Peter Schiff claimed that Bitcoin's bear market is just beginning, and there hasn't been any panic selling from investors yet.
- Peter Schiff predicted that Bitcoin's $100,000 party is over and the decline will continue.
- He explained that the massive capital outflow from Bitcoin spot ETFs poses a major threat to Michael Saylor, Strategy's founder.
Economist and Bitcoin critic Peter Schiff claims that Bitcoin (BTC)'s decline is just beginning.
On the 12th (local time), Peter Schiff stated through X that "While Bitcoin has entered a bear market recently, there has been no panic selling or capitulation," adding "This means the Bitcoin bear market is just getting started." He further added that "The Bitcoin $100,000 party is over."
He mentioned that "The only person who could delay Bitcoin's decline is President Donald Trump," but added that Trump's campaign promise of strategic Bitcoin reserves would not likely materialize.
He also commented on Strategy. Peter Schiff stated, "Strategy fell 11% today, down 54% from its November high," and noted that "The bigger issue is that the premium on Bitcoin holdings has collapsed by 93%." He continued, "Soon Strategy will trade at a discount to its Bitcoin holdings," adding "The massive outflow from Bitcoin spot ETFs poses a major threat to Michael Saylor, Strategy's founder."
Meanwhile, U.S. Bitcoin spot ETFs recorded their largest-ever net outflow of $935.40 million the previous day, marking the sixth consecutive trading day of net outflows.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
