Peter Schiff Criticizes CNBC As 'Paid Bitcoin Promoter,' Predicts 'An Even Bigger Crash Ahead'

Bitcoin BTC/USD critic Peter Schiff indicated on Tuesday that CNBC’s Squawk Box consistently highlights the positive gains of the crypto king but often overlooked its declines.

What Happened: Schiff took to X  to point out that Bitcoin’s overnight gains always find a spot in Squawk Box’s lead story and dominate the 7 a.m. hour, too.

When Bitcoin dropped 6% overnight, Schiff noted it was not mentioned even once during the entire 7 a.m. and 8 a.m. hours.

He pointed out this was “not an oversight” but “by design.” Schiff referred to CNBC as a “paid Bitcoin promoter” that does not want its audience to notice “Bitcoin’s big drops,” possibly to avoid discouraging viewers from buying and upsetting their advertisers.

While some crypto enthusiasts disagreed with Schiff’s comments, he argued that if Bitcoin were up 6%, the media company would likely be talking about it non-stop.

Also Read: What’s Going On With Bitcoin Mining Stocks Tuesday?

Why It Matters: Schiff’s criticism comes alongside his comment earlier in the day, stating that while much of the crypto community remained bullish, “an even bigger crash likely lies ahead.”

At the time of writing, Bitcoin prices were trading 3.5% down at $64,800, taking its seven-day losses to 10%. Despite the price drop, trading volumes are currently 49% higher, indicating high investor interest.

The economist further noted that after three hours of market coverage, CNBC still had not mentioned Bitcoin. “CNBC is keeping its viewers in the dark while Bitcoin Whales quietly unload their stacks,” Schiff added.

Recently, Schiff softened his stance on Bitcoin, expressing regret over missing out on investing in the crypto king in its early days.

Read Next: Bitcoin Takes A Dive As Flash Crash Hits $8.9K On BitMEX Crypto Exchange

Photo: Shutterstock