Michael Saylor and Bitcoin Challenged by Peter Schiff

Bitcoin (BTC) started Friday with another dip, trading at $54,300 and resulting in liquidations exceeding $662.62 million within the past 24 hours.

This decline caught the attention of Michael Saylor, CEO of MicroStrategy and a vocal supporter of Bitcoin. He took to social media to reaffirm his belief in Bitcoin as a symbol of independence, coincidentally aligning with the upcoming U.S. Independence Day on July 4.

In contrast, Peter Schiff, a notable financial expert and Bitcoin critic, responded with his usual sarcasm, suggesting that Bitcoin may indeed make investors independent of their money, but with a significant caveat.

Schiff elaborated on his perspective, noting Bitcoin’s recent drop to a low of $53,550, marking a substantial decline from its all-time high of $74,000. He pointed out that this reflects a 27.5% decrease in terms of U.S. dollars and a 38.5% drop against gold.

### “Don’t say I didn’t warn you HODLers”

Schiff warned that the current Bitcoin bear market is far from finished and reiterated his skepticism regarding its future. He speculated that, at the present price of $54,000, over 70% of Bitcoin ETF investors are likely facing losses. Additionally, he predicted that if Bitcoin’s value falls below $38,000, it could lead to all ETF purchasers incurring losses, potentially triggering a wave of selling as investors rush to minimize their losses.

As Bitcoin finds itself in this bearish phase, the pressing question remains: can it recover from this downturn and reach new heights, or will the warnings from critics like Schiff come to fruition, leading to further declines?