U.Today – (BTC) started Friday with another round of declines, trading at $54,300 and resulting in liquidations totaling over $662.62 million over the past day.
This drop prompted a reaction from Michael Saylor, CEO of MicroStrategy and a well-known BTC proponent, who took to social media to express his continued support, stating that Bitcoin represents independence (with an opportune time given the US Independence Day on July 4).
However, Peter Schiff, a well-known financial expert and outspoken critic of Bitcoin, responded with his trademark sarcasm, suggesting that Bitcoin would actually make investors independent of their money. But there is a catch.
Schiff also explained his views, highlighting the recent low of $53,550 per BTC, a massive drop from its all-time high of $74,000. He noted that this represents a 27.5% drop in US dollar terms and a 38.5% drop against gold.
“Don't say I didn't warn you, HODLers”
He warned that the current Bitcoin bear market is far from over and reiterated his skepticism. He speculated that at the current price of $54,000, more than 70% of Bitcoin ETF investors are likely to experience losses.
Furthermore, Schiff predicted that if Bitcoin's value falls below $38,000, all ETF buyers will experience losses, which could trigger widespread selling as investors decide to cut their losses.
As Bitcoin goes through its current bearish phase, the question is whether it can recover from this drop and reach new heights, or whether the predictions of critics like Schiff will come true and lead to further declines.
This article was originally published on U.Today
