U.Today

Banker, financial expert, and notable cryptocurrency skeptic Peter Schiff was heavily quoted and in the spotlight yesterday. The reason? Schiff was reminded of his statement that $100,000 for Bitcoin (BTC) is impossible, and anyone who believes in it can “keep dreaming.”

However, it is now December 6, 2024, and we have been living in the paradigm of a six-figure Bitcoin for 24 hours. Schiff has been facing criticism for his incorrect prediction during this time.

In response to one comment, he said, “the dream has come true,” but cautioned that the next phase could turn into a “nightmare” and that all crypto enthusiasts and Bitcoin bulls should be “ready to toss and turn.”

Nightmare?

Interestingly, following Schiff's words, Bitcoin's price dramatically plummeted by almost 8% in just four minutes, dropping from $98,250 to $90,500 per BTC. The rapid decline caused significant distress among many crypto investors.

This plunge dragged down the entire market, leading to liquidations in cryptocurrency derivatives amounting to a staggering $875 million within 24 hours, marking one of the record highs for the year.

The spill was quickly redeemed, and Bitcoin's price rebounded to around $100,000, but the liquidated positions remained irrecoverable. The silver lining is that the incident has occurred, suggesting that the market may experience a period free from such drastic disturbances.

This article was originally published on U.Today