Right. So, Bitcoin’s decided to take a little tumble. Or, as some people are dramatically calling it, a bear market. Honestly, you’d think the world was ending. Everyone’s flapping about fundamentals and “growth potential” – which, let’s be real, is just a fancy way of saying “hope”. But Peter Schiff? He’s just gleeful. Like a villain twirling his moustache. 😈
Bitcoin Plunge Sparks Fresh Crypto Bear Market Debate
Apparently, our favourite gold-bug economist, Peter Schiff (you know, the guy who’s been predicting crypto’s demise since… well, forever?) is having a field day. He’s basically saying “I told you so” with extra emphasis and, presumably, a smug expression. It’s exhausting, honestly. He’s convinced bitcoin is now properly, officially, unequivocally in bear market territory. Groundbreaking. 🙄
He took to that chaotic bird site, X, to complain that CNBC was being too polite about the whole thing. Like, calling it a “correction” is apparently an insult to his intelligence. He’s all, “It’s not a correction! It’s a reversal! Can’t you see?!” Honestly, the man has a flair for the dramatic.
CNBC just described bitcoin and ether as being in ‘correction territory.’ However, bitcoin has fallen 21.6% and ether 38.3% from their respective highs, putting both in bear markets.
The day before, he was already hinting at doom and gloom, lamenting how Bitcoin had “finally” dipped below $100K. Poor thing. And ether? Oh, don’t even get him started on ether. It’s apparently on the brink of a complete meltdown. He even threw in a little shot about 2025 gains being… gone. Like, poof. Vanished. Seriously, the man is a professional downer.
And, of course, he had to compare it all to the dot-com bubble. Because everything is always like the dot-com bubble. Apparently, people are going to lose “staggering” amounts of money. And then? Then the AI bubble will burst. Because, you know, just throw in another impending doom scenario for good measure. It’s very on-brand. 🤦♀️
The losses that will be suffered by bitcoin HODLers and crypto investors will be staggering. More money will be lost in this bubble than was lost when the dot-com bubble popped. But if this signals an aversion to risk in general, look out for the even bigger AI bubble to burst.
Meanwhile, the Bitcoin faithful are clinging to the idea of limited supply and “blockchain applications.” Bless their optimistic hearts. It’s a good look. A truly good look. 😇
FAQ 🧭
- Why does Peter Schiff believe bitcoin has entered a full bear market?
He’s looking at the numbers, apparently, and deciding they’re Bad With A Capital B. Something about percentages and reversals. Honestly, the details are exhausting. - How does Schiff compare gold to cryptocurrencies in terms of investment stability?
Gold is safe. Crypto is… not. It’s a very simple worldview. He’s sticking to it. - What larger economic risk does Schiff warn about following crypto losses?
The AI bubble. It’s always something. Always. - What counterarguments do bitcoin proponents present against Schiff’s bearish view?
They’re hoping for the best! And talking about blockchain. It’s very… techy.
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2025-11-06 07:58