Peter Schiff, that perennial Cassandra of finance, has once again donned his jester’s cap, quipping that the U.S. manufacturing sector might soon experience an unexpected renaissance. Why? Because legions of erstwhile cryptocurrency millionaires, now reduced to digital paupers, will be queuing up for gainful employment. 🎭
This sardonic observation arrives in the wake of Bitcoin’s latest melodrama. Earlier this Tuesday, the so-called “digital gold” tumbled to a paltry $76,600 on the Bitstamp exchange, a figure that would make even the most stoic hodler weep. As of now, it’s clawed its way back to a slightly less embarrassing $80,000, but the damage, as they say, is done. 📉
The crypto carnage has dovetailed neatly with a broader market rout. The Nasdaq 100, that bastion of tech optimism, suffered its worst day since 2022, plummeting nearly 4%. Shares of Strategy (MSTR) and Tesla (TSLA) fared even worse, tumbling 16.68% and 15.43%, respectively. The culprit? A gnawing fear of recession, that specter which haunts Wall Street like a particularly persistent ghost. 👻
With Bitcoin now down 30% from its recent highs, Schiff has taken the opportunity to question the U.S. government’s hypothetical interest in holding the cryptocurrency as a reserve asset. “If the price can drop over 30% in less than two months without anything really happening, how can that be a store of anything?” he mused, his tone dripping with the kind of condescension usually reserved for toddlers who’ve just spilled juice on the carpet. 🧐
Schiff also predicted that Strategy (MSTR) would soon be trading at a discount, a forecast that, if true, would only add insult to injury for its beleaguered shareholders. 💼
A “normal” correction 🤷♂️
While the crypto skeptics are busy sharpening their knives, former BitMEX CEO Arthur Hayes has emerged as the voice of reason—or perhaps delusion—arguing that such a correction is “normal” in a bull market. Hayes, ever the optimist, advises investors to “buy the dip” as soon as central banks resume their monetary easing. Whether this is sage advice or the financial equivalent of “hold my beer” remains to be seen. 🍻
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2025-03-11 08:52