Bitcoin Bear Peter Schiff Warns Of Crypto ‘Ice Age,’ Calls Michael Saylor’s Treasury Strategy ‘Harebrained’

Peter Schiff has warned of a “crypto ice age” as Bitcoin and the broader crypto market slide, while calling Michael Saylor’s BTC treasury strategy ‘’harebrained.’’

Schiff’s warning came as the crypto market was rocked by almost $1 billion in liquidations in the last 24 hours, sending Bitcoin nosediving close to $109k and Ethereum below $4k.

The Crypto Fear & Greed Index plunged to a ”Fear” reading of 28, down from 44 yesterday, its lowest level since April.

“We are not about to enter another crypto winter, as that implies another spring will soon follow,” said Schiff, a long-time critic of Bitcoin, on X. “Get ready for a crypto ice age. Got gold?”

Schiff Doubts If Strategy Will Survive

Schiff slammed companies that are copying the strategy of Saylor’s Strategy, which is the biggest corporate investor in Bitcoin, noting that its MSTR shares have plunged more than 45% since their 2024 peak.

”This is going to be a brutal market for Bitcoin Treasury companies,” he said. ”I’m not sure if any, including MSTR, will survive it.”

MSTR stock has dropped below $300 for the first time since April after falling about 8% yesterday to around $294. It’s now down more than 14% in the past month, wiping out its year-to-date gains.

Still, Saylor has continued buying, adding 850 BTC last week to bring holdings to 639,835 BTC worth over $47 billion.

Earlier in the day, Schiff also warned on X that Ethereum was in a bear market after dropping 20% from its all-time high in August

CryptoQuant Says Crypto Treasury Firms Face 50% Downside Risk

KindlyMD crashed 97% after its PIPE shares unlocked, it noted, while adding that Strive (ASST) and Cantor Equity Partners could drop 55% and 50%, respectively, if they revert to their PIPE deal prices.

With over $2.5 billion raised through PIPEs, only a strong Bitcoin rally may prevent further stock declines, it said.

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