Peter Schiff Shades Crypto Stocks Underperformance, Says Bitcoin (BTC) is Next.
Famous Bitcoin critic Peter Schiff has made another attack on cryptocurrency-related investments.
Mr. Schiff took to Twitter to mock the underperformance of cryptocurrency meme stocks, such as GameStop Corp and AMC Entertainment.
“In case you haven’t noticed, the meme stocks are crashing. #GameStop is down another 15% today, trading below $79 per share. That’s down over 83% from last year’s high. #AMC is down 5.5% today, over 80% off its 2021 high,” Schiff tweeted today.
The cryptocurrency critic further warned Bitcoin traders to exercise caution, as the cryptocurrency could be the next asset class to record a massive loss in value.
“#Bitcoin HODLers pay attention. You’re the next bagholders,” Schiff said.
In case you haven't noticed the meme stocks are crashing. #GameStop is down another 15% today, trading below $79 per share. That's down over 83% from last year's high. #AMC is down 5.5% today, over 80% off its 2021 high. #Bitcoin HODLers pay attention. You're the next bagholders!
— Peter Schiff (@PeterSchiff) March 14, 2022
Schiff Applauds the NASDAQ
Interestingly, Schiff made another tweet where he seemed to be applauding the performance of NASDAQ.
Comparing the performance of crypto-related stocks with that of NASDAQ, Schiff said the latter has proven to be an asset of value. It has surged 45% since January 2020 despite numerous challenges like the coronavirus pandemic, heightened geopolitical risk, and high inflation rate.
He concluded the tweet by asking his followers to explain why the NASDAQ is experiencing tremendous growth amid these challenges.
Is Schiff Right?
While many cryptocurrency enthusiasts may be tired of the constant criticisms made by Schiff at cryptos, a closer look at the crypto-related stocks Schiff mentioned seemed to be on the back foot.
GameStop, which became increasingly popular in the cryptocurrency space in 2020, has lost over 15% in the last 24 hours, while the stock of AMC Entertainment, the U.S.-based movie theater that accepts a number of cryptocurrencies like BTC and SHIB, is down over 5%.
Similarly, Coinbase Global Inc stock (COIN) also suffered a loss of nearly 5% in the last 24 hours. Coinbase’s stock price hit an all-time low of $150 on March 14, and its current market cap is $33.6 billion.
On the other hand, Bitcoin has been holding firm at around $38,000 since it fell below $40,000 last week. The cryptocurrency has been up 0.5% in the previous 24 hours. However, its past price movement does not seem favorable to investors.
On year-to-date, Bitcoin has dipped 16.1%, and it is due to a number of factors, including Russia’s invasion of Ukraine, etc. Interestingly, Bitcoin has soared 57,204% since its all-time low of $67.81, recorded on July 6, 2013.
Schiff Criticizing Bitcoin
Despite the tremendous growth of Bitcoin, Mr. Schiff has not failed to throw shade at the asset class at any opportunity he gets.
Earlier this year, Mr. Schiff slammed Nayib Bukele, president of El Salvador, for investing the country’s resources in the world’s largest cryptocurrency.
President Bukele later responded to Schiff’s critics after the price of BTC rose above his original entry price.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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