According to BlockBeats, on August 16, Bitcoin critic Peter Schiff expressed his views on the recent performance of Bitcoin, arguing that it demonstrates why Bitcoin is unsuitable as a reserve asset. Schiff pointed out that Bitcoin tends to fall the most when everything else is declining. He questioned the logic of using an asset as a reserve when it drops more than the assets it is supposed to hedge against.

Furthermore, Schiff commented on the Federal Reserve's current policies, advocating for further interest rate hikes and allowing the market to correct itself naturally. He predicted that such actions would lead to a stock market crash, a collapse in the real estate market, and a hard landing, resulting in a recession. However, Schiff emphasized that this downturn is necessary, not because it is desirable, but because it is essential. He warned against the Federal Reserve making deals with the devil, as such deals would eventually lead to greater consequences.