Peter Schiff, a long-time gold advocate and prominent Bitcoin critic, launched a fresh wave of attacks on Bitcoin on April 27, reviving an old post and adding new commentary as the cryptocurrency struggled to break through a key resistance level. Schiff declared that Bitcoin leads investors "down a path to financial ruin" and argued that high-yield products offer better returns. His remarks came as BTC traded at $77,699, down 1.24%, after experiencing its third rejection in eight sessions near the $79,400 level. Despite the criticism, Bitcoin remains well above its March low, though sellers have consistently defended the $79,000 to $79,400 band.
On April 28, Schiff escalated his critique by directly targeting Michael Saylor's prediction that Bitcoin would reach $1 million per coin if Strategy (formerly MicroStrategy) accumulates 5% of the total supply. Strategy currently holds 3.9% of the total supply (818,334 BTC), acquired for approximately $61.8 billion, with an average cost basis of $75,537 per coin. The company recently added 3,273 BTC at an average price of $77,906 per coin. Schiff argued that if buying the next 231,666 BTC to reach the 5% threshold would have a price impact comparable to previous purchases, then Bitcoin would likely be trading below $60,000 by the time Strategy hits its target, not $1 million. "Bitcoin will be below $60,000 when MSTR finally hits 5%," Schiff wrote on X, where the post garnered over 56,000 views within hours.
Schiff also responded to suggestions that Saylor should face regulatory scrutiny, alleging that regulators have been "bought and paid for" with crypto money, a claim that drew both support and pushback. When a Bitcoin supporter predicted that BTC would inevitably surpass gold, Schiff retorted that he would be able to buy it "close to zero" if he wanted to. Despite the criticism, Strategy continues its aggressive accumulation, remaining the world's largest publicly listed Bitcoin holder, and Saylor has shown no signs of slowing the buying program regardless of the price trajectory.
