Peter Schiff: “The Bitcoin (BTC) Bubble is About to Burst!”, What Does It Mean?

Jakarta, Pintu News—Bitcoin (BTC) is back in the hot debate in the cryptocurrency world after renowned economist Peter Schiff boldly stated that “the Bitcoin bubble will burst soon.”

According to him, every time BTC undergoes a price correction, it signals the imminent total collapse of this digital asset. Schiff, a known Bitcoin critic, believes that BTC is not just a speculative asset but also a dangerous trap for investors.

With Bitcoin having just experienced a sharp drop of over 2% in the last few hours, many are starting to question Whether Schiff’s prediction will prove true.

Peter Schiff: “Bitcoin Is A Bubble That Must Burst”

According to U Today, Peter Schiff has long been one of the biggest critics of Bitcoin and the cryptocurrency industry. According to him, the longer the price of Bitcoin stays at high levels, the more financial damage will be done when the bubble finally bursts.

In his latest statement, Schiff emphasized that BTC’s price correction is not a surprise but a step towards total collapse. He also responded to criticism from a social media user who accused him of only wanting to see Bitcoin investors lose. Schiff emphasized that his criticism is not about individuals losing money but about opening people’s eyes to the huge risks they face.

According to him, Bitcoin is not just a speculative asset but a very dangerous form of investment, as its value has no clear economic fundamentals. He also emphasized that the Bitcoin bubble bursting is only a matter of time and not something that can be avoided.

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Bitcoin (BTC) is in Freefall: Price Plummets by IDR 1.34 Billion in a Few Hours

Bitcoin has experienced one of its sharpest declines, losing more than 2% in four hours. BTC, which had previously tried to hold above its 200-day moving average, eventually fell to a low of 1.34 billion IDR ($82,300) per BTC.

The price crash triggered a massive wave of liquidation in the crypto market, wiping out 1.52 trillion IDR ($93.2 million) in total positions. Around 1.37 trillion IDR ($83.98 million) came from long positions, indicating that many traders who expected BTC prices to rise were heavily impacted.

Analysts warn that if Bitcoin fails to maintain this level, it is likely that the price of BTC could fall further towards the psychological level of 1.31 billion IDR ($80,000). This further strengthens Schiff’s argument that BTC is not a reliable asset to hedge against inflation.

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Schiff and Legal Issues: What Effect Do They Have on Bitcoin Critics?

Beyond his criticism of Bitcoin, Peter Schiff himself is facing considerable legal problems. Euro Pacific Bank, his Panama-based bank, has been shut down after pressure from US regulators.

Schiff claims that these bank closures are politically motivated and not due to any real legal violations. According to him, the US government is using this method to silence critics of the traditional financial system, including himself.

However, many argue that Schiff’s personal issues with the US government have made him more aggressive in attacking Bitcoin.

Even so, he remains firm in his stance that BTC is just a speculative bubble that will soon crash, and the more people that get into it, the greater the impact of the crash.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• U.Today. Bitcoin Bubble About to Burst, Warns Peter Schiff. Accessed March 19, 2025.
• Featured Image: Generated by AI