Well-known American economist Peter Schiff said on Tuesday that the continued plunge in the cryptocurrency market will be prevented unless President Trump announces the establishment of a strategic Bitcoin reserve. Schiff posted on
Schiff also mocked Bitcoin holders saying: "Turn out the lights, the Bitcoin $100,000 party is over. As usual, I believe most of you have stayed too long. Furthermore, although Bitcoin entered a bear market today, there was no panic or capitulation. This means that the Bitcoin bear market is not over yet, but has only just begun."
Schiff's comments came after Bitcoin plunged to a three-month low of $86,000, sending the entire cryptocurrency market lower.
Schiff has previously criticized the concept of a strategic Bitcoin reserve, calling it the "worst monetary mistake" the United States could make.