The start of the week has seen bloodshed in the crypto market with the largest crypto by market cap Bitcoin (BTC) has seen it’s price plunging by almost 20% to $50K. Peter Schiff, a well-known economist, and Bitcoin critic has weighed in on the situation, arguing that Bitcoin’s recent performance underscores why it will never be adopted as a reserve asset by major governments or central bank

Schiff’s Criticism and Concerns

Peter Schiff, recently stated that Bitcoin’s current performance suggests it is moving towards what he terms a “graveyard.” He expressed frustration with Bitcoin investors, accusing them of ignoring the market’s true state and remaining overly optimistic. 

According to Schiff, Bitcoin’s fall below its March lows, now trading around $51,000, marks a significant 20% decline since the close of Bitcoin ETFs last Friday, an event he describes as a “Crypto Black Monday.”

Further, Peter Schiff says Bitcoin isn’t stable enough to be a reliable reserve asset due to its price swings. He believes recent market crashes show Bitcoin’s high volatility. Despite more interest from investors and new Bitcoin ETFs, Schiff doubts these will make Bitcoin more stable.

At the recent Bitcoin Conference 2024, former U.S. President Donald Trump mentioned his interest in using Bitcoin (BTC) as a “strategic reserve” asset.

Bitcoin Price Analysis

As the market battles between bulls and bears, all eyes are on whether Bitcoin can stabilize around the $51,000 mark or face even deeper losses. As of now Bitcoin’s price has dropped to $50,006, falling over 18% in a day and 28% in a week. 

Earlier, Coinpedia reported that CryptoQuant, a leading provider of on-chain data and analytics, has issued a warning about Bitcoin. According to their analysis, the cryptocurrency might decline even further, potentially dropping to $40,000.

Meanwhile, investors are watching closely as Bitcoin’s price hovers around the $50,000 mark, with strong debate between those who think it will rise (bulls) and those who think it will fall (bears).

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