‘Dream Came True’: Schiff Reveals What’s Next After $100,000 Bitcoin

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As a seasoned observer of financial markets, I find myself reflecting on the irony of Peter Schiff’s recent statements about Bitcoin. Just a few years ago, I remember him dismissing the notion of Bitcoin reaching six figures as nothing more than a pipe dream. Fast forward to December 6, 2024, and here we are living in the reality of a six-figure Bitcoin market.

Yesterday, financial expert and well-known cryptocurrency skeptic Peter Schiff found himself frequently quoted and under the media’s scrutiny. The reason behind this attention was a reminder of Schiff’s statement that $100,000 for Bitcoin (BTC) is unattainable, with him encouraging those who believe otherwise to keep dreaming. However, as it stands on December 6, 2024, we have been experiencing a six-figure Bitcoin market for an entire day, and Schiff has spent the past 24 hours defending himself against those pointing out his inaccuracy.

In response to some criticism, the expert didn’t stay quiet but instead expressed that their dream had been realized. However, he warned of potential trouble ahead, using the metaphor of a “nightmare,” and urged crypto-enthusiasts and Bitcoin bulls to prepare for restless nights.

So the dream came true. Next up is the nightmare. Get ready to toss and turn.

— Peter Schiff (@PeterSchiff) December 5, 2024

The nightmare?

remarkably, as Schiff spoke, a sudden event transpired that sent shivers down the spines of many crypto investors when the price of Bitcoin plummeted by nearly 8% in merely 4 minutes, from $98,250 to $90,500 per BTC. The situation unfolded so rapidly that it appeared as if Schiff himself was caught off guard.

As a crypto investor, I’ve noticed that the primary cryptocurrency often serves as a barometer for the broader market. In the recent past, this correlation was evident yet again, leading to a staggering $875 million in liquidations on derivative products of digital currencies within a 24-hour period. This figure is one of the highest recorded this year, underscoring the market’s volatility and intensity.

The mishap was swiftly rectified and the value of BTC rebounded to approximately $100,000, however, losses from liquidated positions can no longer be recouped. The positive aspect is that this incident has already transpired, ensuring that the market will remain free from such severe disruptions for a period.

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2024-12-06 13:23