“The Bitcoin Bubble Is Bursting: Is Your Wallet Next? 🚨💸”
Oh, darling, the longer Bitcoin keeps quoting at elevated prices, the more damage it brings, or at least that is the perspective of that frightfully dull and lovable bore, Peter Schiff. He’s convinced that every dip, every moment of market correction, is one step closer to the inevitable collapse of a financial illusion. How thrilling!
He made this pronouncement after being confronted online by a user who accused him of “kicking down” Bitcoin holders when the market turns red. How quaint. How utterly…human.
Schiff, never one to soften his stance, responded that his criticism is not about individuals losing money, but about exposing what he believes is a prolonged bubble that keeps pulling more people into financial risk. How very noble of him.
The way he sees it, Bitcoin is not just a speculative asset, but a dangerous one, and the “burst of this bubble” is not a matter of if, but when. Oh, the suspense is simply killing me!
“As far as Bitcoin is concerned I believe it is doing substantial harm. The longer the bubble goes on, the more damage that will be done and the more people that will be harmed. So yes I’m happy when the price goes down, as that means we are getting closing to the end of the con.”
— Peter Schiff (@PeterSchiff) March 15, 2025
His renewed attacks on Bitcoin come at a time when he is already in the middle of another financial battle, this one much more personal. His Panama-based Euro Pacific Bank, which faced regulatory scrutiny and was ultimately shut down, remains a key point. How the plot thickens!
Issues
Schiff says the U.S. Internal Revenue Service played a major role in its downfall, saying the bank’s closure was politically motivated rather than based on real legal issues. Whether his claim is true or not, it adds to the frustration of his ongoing financial story.
Meanwhile, Bitcoin itself is not exactly showing strength. After failing to hold above its 200-day moving average on the daily chart, it saw a sharp price reversal, dropping over 2% in just four hours and hitting a low of $82,300 per BTC. Oh dear, oh dear!
This caused a wave of liquidations across the crypto market, leading to a total wipeout of positions worth $93.2 million. The majority of this, $83.98 million, came from long positions. For those who had been counting on the price to keep rising, this was a tough move.
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2025-03-16 18:05