Bitcoin’s sharp price drop reignites fierce debate over its future value
Bitcoin’s recent price drop has reignited debates about its future. After falling from $126,000 to around $90,000, critics and supporters clashed over its long-term value. Economist Peter Schiff seized the moment to mock Bitcoin holders, while Michael Saylor, a staunch advocate, responded with his usual defiance.
The latest round of criticism began when Bitcoin’s price tumbled sharply. Schiff, a long-time sceptic, argued that Bitcoin has never functioned as real money and never will. He contrasted it with gold, which he claims has stood the test of time as a reliable store of value.
Schiff took aim at Bitcoin supporters by repurposing an AI-generated meme originally posted by Saylor. The image showed Saylor in a McDonald’s uniform with the caption ‘Will work for Bitcoin’. Schiff used it to suggest that Bitcoin holders face a bleak financial future. Saylor, however, has a history of using McDonald’s-themed memes during market downturns. Before becoming Bitcoin’s most vocal corporate backer, he led MicroStrategy—a software firm founded in 1989. Despite price swings, he remains a steadfast defender of the cryptocurrency, often doubling down on his investments. Schiff, on the other hand, consistently uses Bitcoin’s dips to reinforce his scepticism. His latest remarks follow a pattern of dismissing the digital asset as a speculative bubble rather than a legitimate financial tool.
The exchange highlights the ongoing divide over Bitcoin’s place in the financial system. While Saylor continues to champion its potential, Schiff insists it lacks the stability of traditional assets. The price drop has, once again, put the spotlight on whether Bitcoin can sustain its value in the long run.
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