Economist Peter Schiff, known for his critical stance on Bitcoin, has drawn attention to its price decline.
Discussion of Bitcoin's Decline
Schiff noted that Bitcoin has fallen below $109,000, a 13% decline from its peak in the last two weeks. He expressed concern about this decline, stating, "Despite all the hype and institutional buying, this weakness should be concerning."
Market and Investors
Schiff highlighted that many public companies have recently added Bitcoin to their balance sheets. "While dozens of companies are aggressively buying Bitcoin, why is the price 12 percent below the record high of two weeks ago? Who is cashing out?" he questioned.
Schiff's Acknowledgment of Mistake
In response to a follower's comment about Schiff's previous assertion that Bitcoin would not exceed $100,000, he remarked, "Yeah, I was wrong about that. It hit $100,000 and will probably hit it again."
Peter Schiff's public comments on Bitcoin continue to generate interest, and his remarks on the current decline underscore the volatility of the crypto market.
