Cryptocurrency and to Bitcoin (BTC) Peter Schiff, who is known for his harsh criticisms, targeted a cryptocurrency exchange in his latest statement this time.
In his statement, Schiff targeted the stock price decline in Coinbase, which started to be traded on the stock market by going public in the past period.
Anti-Bitcoin Schiff Claims Coinbase Could Go Bankrupt
According to Peter Schiff, Coinbase shares fell 92% from their record on the day they were listed on the NASDAQ. In the same period, the depreciation of Bitcoin (BTC) price was recorded at the level of 73%. Schiff shared the video that aired on CNBC when Coinbase was first listed and welcomed the company’s increase in value, saying:
“Coinbase has dropped 92% from its peak since its NASDAQ direct listing on April 14, 2021. Bitcoin (BTC) has lost 73% since then. I remember watching the positive news on CNBC. Look how excited they are when the price hits $400 per share and they think it will continue to rise.”
However, Schiff responded to a user’s counter-argument that Coinbase would return to its old days, saying that there was a possibility that the company would file for bankruptcy before that.
#coinbase has fallen 92% since its #NASDAQ direct listing high on April 14th, 2021. #Bitcoin is down 73% since that date. I remember watching all the positive coverage on @CNBC. Check out how excited they were as the price hit $400 per share and they thought it would keep rising. pic.twitter.com/Nau5JOO0kg
— Peter Schiff (@PeterSchiff) December 16, 2022
Schiff had the following to say about the cryptocurrency winter:
“This is not a crypto winter. This indicates that spring is coming. This is also not a crypto ice age, because even that ended a few million years later. This is a crypto extinction.”
*Not investment advice.
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