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Bitcoin (BTC) began Friday with another round of declines, trading at $54,300 and resulting in liquidations totaling over $662.62 million in the past day. 

This decline prompted a reaction from Michael Saylor, CEO of MicroStrategy and a well-known BTC advocate, who took to social media to express his continued support, stating that Bitcoin represents independence (well-timed for U.S. Independence Day on July 4).

However, Peter Schiff, a well-known financial expert and outspoken critic of Bitcoin, responded with characteristic sarcasm, suggesting that Bitcoin would indeed make investors independent of their money. But there's a catch.

Schiff also elaborated on his views, highlighting the recent low of $53,550 per BTC, an enormous drop from its record high of $74,000. He pointed out that this represents a 27.5% decline in U.S. dollar terms and a 38.5% decline against gold.

"Don't say I didn't warn you HODLers"

He warned that the current bear market for Bitcoin is far from over and reiterated his skepticism. He speculated that at the current price of $54,000, over 70% of Bitcoin ETF investors are likely to experience losses. 

Furthermore, Schiff predicted that if Bitcoin's value falls below $38,000, all ETF buyers will experience losses, which could trigger widespread selling as investors decide to cut their losses.

As Bitcoin navigates its current bearish phase, the question is whether it can recover from this downturn and reach new heights, or whether the predictions of critics like Schiff will come true and lead to further declines.