Well-known crypto skeptic Peter Schiff has shared his thoughts on the recent collapse of the cryptocurrency market that occurred on April 6-7, 2025. He believes this was a delayed reaction to President Donald Trump’s decision to impose tariffs on imports.
This is reported by Business • Media
Crash of Bitcoin and Ethereum
According to Schiff, the cryptocurrency market is starting to shake. He noted that Ethereum has fallen to its lowest level since October 2023, dropping 65% from its peak, while Bitcoin was trading below $81,000, which is lower than last week’s figures. Schiff emphasized that April 7 will be a “very long day” for those who invested in spot Bitcoin ETFs.
“After a delayed reaction on Friday, crypto is finally starting to crack,” — Peter Schiff (@PeterSchiff) April 6, 2025
Criticism of Tariffs and the TRUMP Memecoin
Schiff also commented on the decline of the TRUMP memecoin, which he claims “led” the crash, falling below the $8 mark. The expert believes that this drop is not surprising, as he has repeatedly criticized this token and Trump’s actions regarding the cryptocurrency sector.
At the time of writing, the TRUMP memecoin was trading at approximately $7.50, representing a 72.3% drop from its peak values recorded during the asset’s launch in mid-January 2025. Schiff also stated that the decision to impose tariffs on imported goods is the “dumbest” and previously referred to the creation of a strategic Bitcoin reserve as equally nonsensical.
Users in the comments highlight that Schiff’s predictions do not always come true, and his criticism of Bitcoin seems somewhat odd in light of his previous statements. For instance, in May 2024, he claimed that Bitcoin could reach $1 million, but just two months later predicted its crash and the collapse of the stock market.