In a tweet on Monday, Schiff reminded Bitcoin holders of the currency’s substantial decline in value between November 2021 and a year later. He tweeted, “Do you recall how bullish you all were in November 2021, when #Bitcoin was at $69K? I do. How many still have your laser eyes? A year later, Bitcoin traded around $16K, over 80% lower.”
He also warned that an even worse drop was possible, given the current positive feeling among Bitcoin holders.
Bitcoin has risen 24.7% in the last 30 days alone, and the apex cryptocurrency has increased by 53.34% since the start of the year. Last week, Bitcoin reached an all-time high of $73,750.07. At the time of writing, it was trading more than 12% lower than its highs.
Why This Matters: Schiff’s warning comes during a turbulent era for Bitcoin. According to a recent technical analysis by Benzinga, Bitcoin has experienced a substantial drop. Despite this, cryptocurrencies experienced record weekly inflows of $3.4 billion as of March 15.
Schiff has already questioned Bitcoin’s value. He recently opposed the planned Bitcoin halving event, claiming that it would not reduce the quantity of Bitcoin by half.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
