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Bitcoin, the first and largest cryptocurrency by market capitalization, fell on Monday amid broader risk-off sentiment at the start of December.
Bitcoin fell sharply to an intraday low of $85,595, extending its slide into the fourth day since Nov. 27, and was last seen around $85,842, down 5.88% in the last 24 hours.
In his usual manner, vocal Bitcoin critic Peter Schiff took to X to highlight BTC price drop. "Bitcoin breaking down again. It just traded below $86,500," Schiff wrote in an initial tweet.
Schiff's tweets caught the attention of the Bitcoin community, who fiercely pushed back on Schiff's claims about Bitcoin.
The debate between Schiff and Bitcoin supporters took another turn as the conversation shifted to a comparison of Bitcoin and gold's value.
An X user stated that gold has physical utility, with its value driven by demand, and that Bitcoin and gold derive their value from different sources. Schiff responded that the price is being driven by demand and not value, adding that value has varied perspectives for different individuals.
Bitcoin market price will be zero?
In a separate tweet, Schiff argued that Bitcoiners' claim of gold’s value being purely subjective was false. "Gold has objective value as a metal with conductivity, malleability, corrosion resistance, and real industrial and commercial uses. Bitcoin’s value is purely subjective, as it has no utility beyond belief," Schiff said.
The belief Schiff was possibly referring to is Bitcoin holders' conviction, with hopes that the Bitcoin price would recover and continue climbing in the days ahead.
The phrase "belief" caught the attention of the Bitcoin community, with an X user asking a pertinent question: "What happens if people stop believing?"
"Then Bitcoin's market price will be zero," Schiff answered. In its 16 years of existence, Bitcoin continues to prove naysayers wrong, reaching an all-time high of $126,198 on Oct. 6.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team