Investors who might have heeded Eric Trump's advice and bought Bitcoin's BTC/USD dip have had little to rejoice, as the apex cryptocurrency has failed to chart a bullish reversal.
What happened: In an X post on Feb. 25, the Executive Vice President of The Trump Organization wrote, “₿uy the dips,” using the recognizable symbol of the world's largest cryptocurrency
The recommendation, which came shortly after Bitcoin fell below $90,000, elicited reactions from the who's who of the cryptocurrency industry, including Strategy Executive Chairman Michael Saylor, who called it, "The ₿est Advice."
Fast forward to the present, and the asset has sunk further to $83,158, marking a 6% decline. So, let's say if you invested $1000 after Trump's advice, it would have reduced to $940 by now.
See Also: Bitcoin Reeling From Trump’s ‘Liberation Day’ Shock But These Gold-Backed Coins Are Killing It This Year
Interestingly, Bitcoin's staunch critic Peter Schiff had likened Trump's remark to what whales want the smaller players to do so that they can exit the market.
"Dip buying has worked in the past as more air kept coming into the bubble. But there’s no way to know which dip is the beginning of the final collapse of the pyramid scheme," Schiff said.
That's what Bitcoin whales want the minnows to do so they can get out. Dip buying has worked in the past as more air kept coming into the bubble. But there's no way to know which dip is the beginning of the final collapse of the pyramid scheme.
— Peter Schiff (@PeterSchiff) February 25, 2025
Why It Matters: Bitcoin, like the entire cryptocurrency market, has been pushed into a correction from its January highs, owing to recession fears fanned by President Donald Trump’s tariff measures on key trading partners.
It’s worth noting that influential figures such as venture capitalist Tim Draper and BitMex co-founder Arthur Hayes have set a $250,000 target for Bitcoin by year-end. Similarly, Standard Chartered Bank predicted that the leading asset will reach $200,000, defying recession fears and Trump’s trade policies.
Eric Trump offered a similar suggestion regarding Ethereum ETH/USD, saying, "It’s a great time to add ETH." Since then, the second-largest cryptocurrency has plummeted 37%, eroding nearly $130 billion worth of investors' wealth in the process.
Price Action: At the time of writing, Bitcoin was exchanging hands at $83,158, down 0.24% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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