Peter Schiff on Bitcoin’s Dip: It’s Just Modern-Day Tulip - U.Today

As expected, the biggest Bitcoin critic, Peter Schiff, has become increasingly louder in his criticism as Bitcoin continues to slip deeper into red territory. This time around, Schiff directed his condemnation at CNBC over the media outlet’s frequent reports on Bitcoin’s bullish state.

While he believes that the media company is not as vocal about Bitcoin’s ongoing correction as it used to be when the market was bullish, he claimed that CNBC and its audience have yet to recognize Bitcoin for what it truly is.

In his latest post, Schiff attacked the CNBC analysts and their guests, saying they are “at a loss” to explain why Bitcoin is falling when so many expected far higher prices by now.

Schiff: Bitcoin is ‘just a modern-day tulip’

While it appears that Peter Schiff has ceased the distressing moments to bash Bitcoin on its latest dip, the critic has specifically reinstated his long running jab about Bitcoin even since it was trading below $1000.

The pro-Gold advocate had reaffirmed that Bitcoin is just a “modern-day tulip” which he claimed the crypto community has failed to realize and has confused Bitcoin for a valid investment asset.

While it appears that Peter Schiff has seized the distressing moment to bash Bitcoin on its latest dip, the critic has specifically reinstated his long-running jab about Bitcoin, one he has repeated since it was trading below $1,000.

The pro-gold advocate reaffirmed that Bitcoin is just a “modern-day tulip,” which he claims the crypto community has failed to realize, having confused Bitcoin for a valid investment asset.

In his assertions, Schiff emphasized that the confusion on CNBC is not about Bitcoin’s market dynamics at all, but about analysts refusing to accept that Bitcoin’s entire rise mirrors the behavior of a traditional tulip.

As always, commentators fired back at Peter Schiff for his latest remark, recalling that the Bitcoin critic has leaned on this comparison for over a decade, dating back to when Bitcoin was trading far below $1,000.

The commentators highlighted that Schiff has been wrong in his steady Bitcoin comparisons for over 15 years, making it no longer an analysis. They further noted that Schiff has been calling Bitcoin a tulip since it was $100, yet he is still somehow less wealthy than the people who ignored him, thereby invalidating his repeated criticism of Bitcoin.