Binance CEO Richard Teng has downplayed Bitcoin’s recent decline, stating that the coin’s volatility is in line with that of most major asset classes. Bitcoin has fallen 21.2% this month, increasing losses over the past 12 weeks to 23.2%, as the chances that Bitcoin could end the year below $90,000 increase.
Teng said that, as with many asset classes, there are always different cycles and volatility, adding that what is happening to Bitcoin prices now is also rippling through other asset classes. Teng pointed out that there is currently a risk-off and deleveraging happening as well.
Meanwhile, Binance’s CZ says every dip makes some people think it is the end of the world, but time continues. Bitcoin plummeted to its lowest level in six months last Friday, as a sweeping sell-off in risk assets deepened amid fading hopes of a December Fed rate cut.
Teng says Bitcoin is more than double its 2024 level despite drop
Teng said that despite the price decline, Bitcoin is currently trading more than double its level in 2024, when institutions like BlackRock started launching crypto products and investments. Teng added that over the past five years, the crypto sector has performed very, very well, so it should be expected when people decide to take profit.
Teng believes any consolidation is healthy for the crypto industry. It is beneficial for the industry to take a breather and reassess its priorities.
However, Euro Pacific (EuroPac) Asset Manager chief Peter Schiff dismissed Bitcoin this week as a flawed medium of exchange and an even worse store of value. He further suggested that even Cathie Wood admits stablecoins are better than Bitcoin.
Schiff also emphasized that tokenized gold is the clear winner for those seeking a store of value. He pointed out that the race to exit Bitcoin is on, urging investors not to be the last to leave.
The Schiff Radio host also warned that investors are going to see some “serious shit” when Bitcoin breaks below $88,000. BTC is currently at $81,869 as of publication, according to live updates by Coingecko.
Schiff claims Bitcoin has no future
According to Schiff, Bitcoin’s sales pitch has always been that it is the best-performing asset. However, so far in 2025, it has seen the worst year yet. He asserts that Bitcoin has no future.
On-chain data suggests that Bitcoin is down 5% YTD in 2025, while the Nasdaq and gold have surged 17% and 53%, respectively. Strategy, the premier Bitcoin stock play, is also down 35% in 2025 and down 56% from its November 2024 high.
Schiff also noted that Bitcoin is down nearly 30% from its ATH. He also pointed out that people who were popping champagne corks at Bitcoin $100,000 parties a year ago did not expect 2025 to be this bad. Schiff believes 2026 could be far worse.
Meanwhile, Dave Rosenberg, the founder and president of Rosenberg Research, stated that Bitcoin has officially entered the bear market territory. He also noted that Bitcoin fell more than 20% in barely a month. Rosenberg further noted that ETFs have recently seen almost $870 million in outflows, and the crypto market capitalization has dropped by over $1 trillion (-24%).
Crypto research firm Glassnode has also noted that long-term Bitcoin holders have accelerated profit-taking. Those long-term Bitcoin holders sold over 815,000 BTC within 30 days, a record high since January 2024, according to CryptoQuant.
On the other hand, Schiff emphasizes that many people will lose their jobs and Bitcoin savings, but only those who own an excessive amount of BTC will be affected. However, he said he is holding off on the victory lap until Bitcoin plummets even further.
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