Cryptocurrency skeptic Peter Schiff has shared his thoughts on the recent crash in the cryptocurrency market that occurred on April 6-7, 2025. He believes that the decline is a delayed reaction to President Donald Trump’s decision to impose tariffs, which Schiff described as the “dumbest” move.
This is reported by Finway
Schiff noted that the crypto market began to show signs of weakness after Ether fell to its lowest level since October 2023, dropping 65% from its peak. Bitcoin, in turn, was trading below the $81,000 mark, which also raised concerns for investors in Bitcoin ETFs.
“After a delayed reaction on Friday, cryptocurrency is finally starting to show signs of weakness. This could be a very long day for those who invested in Bitcoin ETFs,” Schiff remarked in his comments.
According to the expert, April 7 will be a “very long day” for investors, as there was a net outflow of approximately $768 million from these funds throughout March. Schiff also commented on the decline of the meme coin TRUMP, which, according to him, “led” the crash by falling below $8.
At the time of writing, the TRUMP token was trading at $7.5, which is 72.3% lower than the peak values recorded at the asset’s launch in mid-January 2025. The expert noted that the decision to impose tariffs on imported goods is the “dumbest” step, and he considers the creation of a strategic Bitcoin reserve another example of failure.
Users in the comments pointed out that Schiff’s predictions do not always come true, and his criticism of Bitcoin seems strange in light of his past statements, particularly when in May 2024 he predicted that Bitcoin could reach a million dollars, only to talk about its collapse and a potential stock market crash two months later.