Echelon Wealth Partners Cofounder Peter Schiff has urged Bitcoin holders to abandon the sinking ship amid a brutal price correction.
The perennial crypto critic has noted that the flagship cryptocurrency is now down by 60% against gold.
Earlier today, BTC collapsed to an intraday low of $69,163, which is the lowest level since November 2024.
The cryptocurrency is now dangerously close to falling below the peak of the 2021 market cycle ($61,000 on the Bitstamp exchange), now that it is in full-blown capitulation mode.
Bitcoin is currently down 45% from the all-time high of $126,199 that was achieved last October.
Schiff's warning for Saylor
Schiff also took aim at Strategy CEO Michael Saylor, the executive chairman of Strategy (MSTR).
His aggressive buying strategy is facing its sternest test yet, with the price of the leading cryptocurrency by market capitalization collapsing well below its average purchase price.
According to data provided by Lookonchain, the business intelligence firm is now facing an unrealized loss of over $4.6 billion.
Earlier this week, Michael Burry, the "Big Short" investor, warned that a drop below $70,000 would be the catalyst that freezes the credit markets for crypto giants. Now that the price is hovering in the high $60,000s, Burry’s theory might be tested.
Bitcoin dropping below $60,000 would be a full-blown "existential crisis" for the company.
Schiff has warned that Strategy's losses are just beginning to pile up.
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