Peter Schiff, a well-known American economist, said on Tuesday that unless US President Trump announced the establishment of a strategic Bitcoin reserve, the continued plunge in the cryptocurrency market could be stopped.

Schiff posted on X: "I think the only one who can delay the collapse of Bitcoin is Trump. He must show strong support for the Bitcoin strategic reserve and provide funds by purchasing a large amount of Bitcoin. Basically, this is equivalent to quantitative easing, except that the government buys Bitcoin instead of bonds. This is unlikely."

Schiff also mocked Bitcoin holders and said: "Turn off the lights, Bitcoin's $100,000 party is over. As usual, I believe most of you have stayed too long. In addition, although Bitcoin entered a bear market today, there was no panic or capitulation. This means that the Bitcoin bear market is not over, but just beginning."

Before Schiff made the above remarks, Bitcoin plummeted to a three-month low of $86,000, driving the entire cryptocurrency market down.

Schiff has previously criticized the concept of a strategic Bitcoin reserve, arguing that it is the “worst monetary mistake” the United States could make.