 
 
Peter Schiff, who is one of Bitcoin’s harshest critics and a staunch gold advocate, has not passed up on the chance to take aim at BTC as the broader crypto market outlook has continued to worsen by the day.
Schiff’s Latest Jab At Crypto Industry
In a Nov. 17 post on X, Schiff, who is a founding member of Euro Pacific Asset Management, claimed that CNBC has not been as outspoken about BTC’s current drawdown as it used to be when the market was bullish. He specifically called out CNBC analysts and their guests, stating they are “at a loss” to explain why Bitcoin is crashing, even though so many predicted higher prices by now owing to the flood of bullish news.
Earlier today, the Bitcoin price plunged below the $90,000 crucial psychological level for the first time since April, before rebounding slightly to $91,357 as of press time, according to crypto data provider CoinGecko. The correction has seen the Crypto Fear & Greed Index now flash “extreme fear” with an 11/100 score.
BTC is now 27.5% down from its lifetime high registered in early October, just days before the record-breaking crash on Oct. 10 that wiped out over $19 billion in crypto positions.
Notably, the general meltdown in the crypto sector comes as gold reclaimed price levels above $4,000.
 
According to Schiff, Bitcoin is “just a modern-day tulip,” which he believes crypto fans have failed to realize, having confused the pioneer crypto for a reliable investment asset.
The confusion on CNBC does not center on Bitcoin’s market dynamics, the gold bug said, before recycling the oft-used comparison of crypto to the Dutch tulip market bubble.
As expected, X users shot back at Schiff’s latest comments, recalling that the Bitcoin skeptic has cited this comparison for more than a decade, dating back to when Bitcoin was valued at less than $1,000. Others pointed out that tulips die, but blockchain cannot.
In a separate post today, Schiff suggested that Bitcoin’s fall relative to his favourite yellow metal “exposed the digital-gold hype as a fraud.”
Source: https://zycrypto.com/peter-schiff-calls-bitcoin-a-modern-day-tulip-amid-drop-to-seven-month-lows/