Gold advocate Peter Schiff renewed his criticism of Bitcoin, predicting a steep potential drop for the cryptocurrency despite ongoing institutional accumulation. MicroStrategy’s Q1 2026 financials revealed significant unrealized losses tied to Bitcoin’s price decline, while on-chain metrics suggested a possible market equilibrium.
Bitcoin critic Peter Schiff targeted the cryptocurrency and Michael Saylor’s strategy in a recent social media post. He suggested Bitcoin could still be considered a top performer even with a dramatic price fall by year’s end.
Schiff stated, “I’m sure @Saylor will rely on that to keep pumping Bitcoin and issuing more shares of $MSTR to buy it. But a 92% decline will make it the worst-performing investment for most HODLers.” He maintains a preference for traditional assets like gold and silver over Bitcoin.
MicroStrategy reported unrealized losses of $14.5 billion in the first quarter of 2026. This loss coincided with Bitcoin’s price dropping from over $87,000 in early January to around $66,000 by March 31.
The firm continued its acquisition strategy, purchasing 89,602 Bitcoin across 12 transactions during the quarter. Its total holdings reached 766,970 Bitcoin, valued at approximately $55 billion based on current prices.
Market data indicated the Bitcoin SOPR ratio hovered near 1, suggesting sellers were not realizing strong profits. The negative Bitcoin MVRV ratio further pointed to a potential accumulation phase, indicating the market may be seeking a new directional trend.
