Boy howdy, this must suck for people who think of bitcoin as something to throw in an ETF.
Seriously, though, aside from Schiff just being Schiff and NGU being it's own bad thing, yes, btc falling that much would have an obvious short-term impact on btc's buying power, but I also don't see things getting anywhere that extreme. But Schiff's ranting can be entertaining, at least.
Fingers crossed
I wouldn't hope for prices that low without some sort of exogenous event like the 2020 covid shock. That would be very destructive to Bitcoin's narrative as anything other than a speculative asset and I think it would take a very long time for trust to be rebuilt outside of anyone who is a hardcore Bitcoiner. Also, it would put immense pressure on miners, hashrate would likely drop significantly and we will end up with security budget FUD and infighting over the 21M cap.
What if it's a transitory liquidity crunch?
That's an improvement because last bear market he said it was going to zero.
By his standards, he's now bullish on bitcoin.
so, up only?