Crypto Crash: Peter Schiff’s Hilarious Take on the Longest Winter Ever

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Ah, Monday. The day when we all collectively decide to hit the snooze button on our financial dreams. The crypto market, in a spectacular display of self-sabotage, decided to take a nosedive, leaving many digital assets gasping for air. According to CoinGlass, over $2.2 billion in bullish crypto positions were liquidated in just 24 hours. That’s right, folks! It’s the biggest crypto crash since someone thought it was a good idea to invest in Beanie Babies.

Enter Peter Schiff, the economist who seems to have a personal vendetta against Bitcoin. He took to X (formerly known as Twitter, because who doesn’t love a rebranding?) to warn us about the impending doom of a “long crypto winter.” I mean, if anyone knows about long winters, it’s a guy who’s been bearish on Bitcoin since before it was cool.

In his tweet, Schiff pointed out that Bitcoin was down 7% and Ethereum was down a staggering 33%. He quipped, “In case you haven’t noticed, Bitcoin is down 7% tonight, trading just above $93,000, but Ethereum is crashing. It’s down 20%, trading below $2,500, but an hour ago it hit $2,100, down about 33% in one night! It looks like Punxsutawney Phil was right about that long crypto winter.” Because nothing says “financial advice” like a rodent’s shadow, right? 🐿️

In case you haven’t noticed, Bitcoin is down 7% tonight, trading just above $93,000, but Ethereum is crashing. It’s down 20%, trading below $2,500, but an hour ago it hit $2,100, down about 33% in one night! It looks like Punxsutawney Phil was right about that long crypto winter.

— Peter Schiff (@PeterSchiff) February 3, 2025

For those of you who don’t know, Punxsutawney Phil is the groundhog who “predicts” the weather. Apparently, he’s also moonlighting as a crypto analyst now. In another tweet, Schiff doubled down on his bearish outlook, saying, “Punxsutawney Phil saw his shadow today. That means it’s going to be a long crypto winter.” I can just picture Phil, sitting in his burrow, chuckling at all the poor souls who thought they could ride the crypto wave.

Meanwhile, on the other side of the crypto battlefield, we have Michael Saylor, the Bitcoin cheerleader and MicroStrategy Chairman, who tweeted, “Never sell your Bitcoin.” Because nothing says “financial wisdom” like holding onto a digital asset that’s plummeting faster than my self-esteem after a bad haircut.

Crypto market sell-off

As if the universe was conspiring against us, macroeconomic concerns kicked off a sell-off in the cryptocurrency markets, leading to the largest two-day decline in over three years. Ethereum, the second-largest cryptocurrency, experienced its worst drop in nearly four years. It fell as much as 27% to $2,150 on Monday morning. That’s right, folks! It’s the steepest intra-day drop since May 19, 2021. Talk about a rollercoaster ride! 🎢

Other cryptocurrencies weren’t spared either, with Bitcoin down nearly 6% at one point. After a brief moment of glory since early November, nearly all top digital tokens are now down significantly for the year. Ethereum was trading at $2,564, while Bitcoin was at $95,463. The crypto market’s total value plummeted by nearly $360 billion on Monday. That’s a lot of zeros to lose in one day! 💸

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2025-02-03 14:24