The trigger for this new round of confrontation was Bitcoin’s price decline over the past weekend. Schiff, a well-known predictor of cryptocurrency’s "collapse," posted a message calling BTC a "falling" asset.
But the actual scale of the "drop" brought smiles to investors. As of Sunday, the price had fallen from $73,098 to $71,349 - a correction of just over 2%, which is typical intraday volatility for the digital asset market.
Fred Krueger’s Response
The most striking reply came from Bitcoin investor Fred Krueger. Instead of arguing with the current price movement, he reminded Schiff of the long-term trend.
"Peter, you’ve been calling Bitcoin a falling asset for 15 years. Over that time, the asset has grown from zero to over $70,000, while your beloved gold has shown years of stagnation," Krueger wrote, accompanying the post with a chart of Bitcoin’s long-term growth.
Indeed, looking at the bigger picture, since Schiff began his active campaign against the leading cryptocurrency (when it was trading around $100-$1,000), the asset has gained tens of thousands of percent, far outpacing traditional safe-haven assets.
Liquidations
Despite the sarcasm, the downward move did have consequences for speculators. The 2% price drop triggered a cascade of forced liquidations.
According to analytics services, $189.85 million worth of positions were liquidated on the market over 24 hours. As is often the case during corrections, the bulk came from long positions that were betting on further growth. The largest single liquidation was recorded on the Bybit exchange - a trader lost a $4 million position.
While Peter Schiff mocks a drop of a few thousand dollars, Bitcoin continues to trade sideways. The question of who will ultimately end up in profit a decade from now remains open - but for the moment, the score is clearly not in favor of the critic or his followers.