- Bitcoin’s price retraced 30% from January’s all-time high.
- Renowned critic questions the rationale behind the US Bitcoin stockpile.
- BTC is 410% up from its January 2023 price.
The crypto market’s latest decline has set off Peter Schiff, one of Bitcoin’s loudest critics, against the US government’s plan to implement a Strategic Bitcoin Reserve.
Through his post on social media platform X, Schiff questioned the “rationale” behind the US government’s move, given Bitcoin’s tendency to lose value so quickly.
Bitcoin’s Price Drop Fuels Schiff’s Skepticism
Bitcoin’s price fell to $76,600 early Tuesday morning, part of a broader crypto market pullback. This latest Bitcoin dip means the digital currency has lost 30% of its value since hitting an all-time high of $109,356 on January 20.
Related: Bitcoin’s National Hoards: Top Countries Stockpiling BTC in 2025
By Schiff’s count, it took Bitcoin less than two months to lose that much ground, and he thinks things could get even worse if Bitcoin drops another 50%.
Critics Ignore Bitcoin’s Upside, Past Performance
It’s worth pointing out that Schiff zeroed in on Bitcoin’s recent losses, conveniently skipping over the digital currency’s potential for rapid gains.
Just last year, for example, Bitcoin doubled in price in just three months, rocketing from $52,546 on September 2 to $108,364 on December 16, 2024, TradingView data shows.
Schiff Doubles Down on “Bring Back Manufacturing” Theme
Pushing his point further, Schiff insisted the US needs to focus on bringing manufacturing back home. He also took a swipe at crypto entrepreneurs, saying many crypto millionaires are going to need manufacturing jobs soon, implying they’ll be broke and looking for new work.
Related: Bitcoin Price Dip Analysis: 30% Drop But CryptoQuant CEO Says It’s “Common” in Bull Cycles
Even though Bitcoin has taken a beating lately, most analysts still see its overall performance this year as impressive. Despite the current pullback, Bitcoin is still up 35% year-to-date and a whopping 410% since the start of 2023, according to TradingView.
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