After the Bitcoin price rose to a new record high in the wake of ETF registrations in the U.S., speculation was rife about whether the $100,000 mark could be broken. One person thinks not: Peter Schiff.

"If Bitcoin ETFs are really going to take Bitcoin to $100,000 or higher, why are all Bitcoin-related stocks in bear markets?"

If #BitcoinETFs are really going to send #Bitcoin to $100K or higher, why are all the Bitcoin related equities in bear markets? For example, $COIN is down 21%, $GLXY is down 26%, $MSTR down is 33%, $WGMI is down 41%, $MARA is down 55%, $BITF is down 56%, and $HIVE is down 61%.
— Peter Schiff (@PeterSchiff) April 15, 2024

The prominent entrepreneur and gold investor, who is known for not thinking much of cryptocurrencies, is referring to the recent declines of companies such as Coinbase, MicroStrategy and Hive.

"Today is the day investors who bought the new Bitcoin ETFs find out they bought a scam," Schiff said in another tweet.

Today's the day that investors who bought the new #BitcoinETFs find out they bought a bill of goods. They now know that #Bitcoin isn't the safe haven, store of value it was promoted to be. Surprised investors will likely sell, either to cut their losses or book gains and move on.
— Peter Schiff (@PeterSchiff) April 15, 2024

"They now know that Bitcoin is not the safe haven, the storehouse of value it was touted to be. Blinded investors are likely to sell to cut their losses or take profits and move on."

Just recently, Schiff advised investors to sell Bitcoin.

"Bitcoin hodlers beware. This may be your last chance to sell your Bitcoin and buy some gold and silver at favorable prices," Schiff said at the time in a post on X.

Peter Schiff regularly causes a stir on the short message service with critical comments about Bitcoin. In March, he said Bitcoin was a "major crash" could face. The 61-year-old believes an 80 percent price drop is possible. Let's conclude that Schiff is not the biggest fan.