Renowned economist Peter Schiff commented on Bitcoin’s BTC/USD market slump on Sunday, drawing an unusual analogy with “soothsayer” groundhog “Punxsutawney Phil’s” prolonged winter prediction.
What Happened: Schiff took to X to point out the large drop in the value of Bitcoin and Ethereum ETH/USD, the two biggest cryptocurrencies by market capitalization.
Bitcoin fell below $92,000 for the first time since Jan. 13, while Ethereum plunged over 25% to a nearly 3-month low on a day marked by the largest cryptocurrency liquidations ever, totaling more than $2 billion.
“It looks like Punxsutawney Phil was right about that long crypto winter,” Schiff said, in a cheeky reference to the popular groundhog.
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Why It Matters: Punxsutawney Phil, the mascot of the Punxsutawney Groundhog Club in Pennsylvania, is a beloved animal known for predicting the length of winter.
Each year, on Feb. 2, "Punxsutawney Phil" emerges from his home and predicts the upcoming weather. If Phil sees his shadow, it means six more weeks of winter. Not seeing his shadow means an early spring. This year, Phil saw his shadow, forecasting another six weeks of winter, according to AP News.
Schiff linked it to the ongoing market-wide decline, calling it a “cryptocurrency winter,” a period when cryptocurrencies witness massive losses.
Schiff has been a vocal critic of Bitcoin, questioning the speculative frenzy surrounding it and its narrative of a long-term store of value.
Price Action: At the time of writing, Bitcoin was trading at $95,410.00, down 4.40% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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