Peter Schiff Compares Bitcoin Investors To Frogs On The Boil: ‘How Much Longer Will You Let The Water Temperature Rise Before Jumping Out Of The Pot?’

Renowned economist Peter Schiff scoffed at Bitcoin (CRYPTO: BTC) HODLers for being oblivious to the impending bear market.

What Happened: On Thursday, the staunch Bitcoin critic took to X to highlight the leading cryptocurrency’s decline against gold—an asset Schiff vehemently advocates for.

“For now, Bitcoin is holding $60,000 support. More significantly, it’s down 40% priced in gold since hitting its record high just under 3 years ago,” Schiff remarked.

He urged Bitcoin investors to “Wake up, and smell the bear market.” He used the famous “frog in a boiling water” theory to ridicule them, asking, “How much longer will you let the water temperature rise before jumping out of the pot?”