Bitcoin experienced a significant decline of nearly 20% in the past 24 hours, briefly falling below the $50,000 mark. Peter Schiff, founder of SchiffGold and a long-time critic of Bitcoin’s value, warned today that a Bitcoin crash could trigger mass liquidations of Bitcoin spot ETFs on Monday, heralding an impending “Black Monday” for cryptocurrencies.
(A brief recap: Why did Bitcoin fall below $50,000 today? Analysts reveal six underlying reasons.)
(Background: Carnage! Bitcoin plunged to $52,400, marking the largest decline in six months, with over 190,000 people facing liquidations totaling more than $700 million.)
Just hours before Bitcoin dipped below $49,000 this afternoon, Peter Schiff took to Twitter to reiterate his criticisms of Bitcoin and share his perspective. When Bitcoin fell below $50,000 in the afternoon, Schiff stated that he believes buyers of Bitcoin ETFs are not long-term holders. They have never experienced such a significant drop in Bitcoin’s value and will be greatly disappointed, especially since they have been told that Bitcoin is a safe haven and a store of value.
Notably, Schiff had conducted a poll last month asking Bitcoin holders if they would capitulate and sell their Bitcoin if it fell below $15,000, an 80% drop from its peak in 2024, and below the bear market low of 2021, nearly 25% below the 2017 high. The poll garnered 22,000 votes, with only 11% indicating they would sell, while a striking 89% chose to hold firm.
At that time, Schiff dismissed the poll results, pointing out that if MicroStrategy did not purchase more Bitcoin during this downturn, it would face a loss of $4.3 billion. He also stated that Bitcoin’s bubble has grown larger, and if the price were to drop below $15,000, it could easily fall further to $3,500. He posed a question to steadfast Bitcoin holders:
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