Gold Bug and longtime Bitcoin skeptical Peter Schiff has returned to another jab with the founder of Micro Strategy Michael Saylor.
On April 7th, Schiff posted directly to Saylor on his previous Twitter X.
“If you’re paying attention and want to keep your bitcoin below $80,000, you want to keep it below the average cost of $68,000, then back up your truck with today’s money and get it all in.”
The message is a drawdown that rekindled fears about the top of the potential market cycle as Bitcoin recorded its worst first quarter in a decade, falling 11.7% in the first quarter. At the time of pressing, BTC was trading at $79,322.74, down 4.6% in 24 hours.
Just a week ago, Michael Saylor’s strategy (formerly MicroStrategy) announced a purchase of 22,048 BTC at $1.92 billion, with an average price of $86,969 per coin. The purchase increased the company’s total holdings to 528,185 BTC, with an average cost of $67,458, and is now worth around $35,633 billion.
The background to Bitcoin’s decline is the market-wide disruption caused by President Donald Trump’s “liberation day” tariffs on April 2. The US has imposed a 10% tariff on all imports and has certain penalties for its key partners. The move has sparked rapid retaliation from China, prompting some analysts to be the start of a long-term trade war.
The fear sent the market into tailspin. US stocks have wiped out their total of $5.4 trillion in just two days. Schiff never misses the opportunity to call Bitcoin volatility.
“But Bitcoin was sold as a safe shelter/valuable store. What value would investors have if they crash more than other assets while selling on the market?” Schiff was added.