Long-time Bitcoin critic Peter Schiff is facing intense pushback for applying contradictory logic to recent price drops in silver and Bitcoin.
After silver fell 14% on December 29, Schiff called it a chance to buy, but he labeled Bitcoin’s 30% retreat from its peak as proof it is a scam.
A Tale of Two Corrections
The debate ignited from a post Schiff made yesterday, where he noted silver’s sharp fall from $84 to $72, calling the resulting drop in the metal’s stocks an improved buying opportunity.
At the same time, he criticized business intelligence firm Strategy’s Bitcoin accumulation plan, claiming its average purchase price of $75,000 had yielded only a 16% gain over five years, a return he called poor.
The reaction was swift. Commentator Shanaka Anslem Perera directly challenged Schiff, pointing out that both assets experienced corrections driven by the same market forces: margin hikes, forced liquidations, and leveraged speculators being wiped out.
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