Renowned economist Peter Schiff dismissed Bitcoin as a possible reserve asset following an 18% drop over the past week, citing its high volatility and instability. However, other commentators argue that Bitcoin's volatility is a sign of its potential and growing pains as a revolutionary asset class. Schiff also noted that tech and crypto markets are pricing in a high probability of a 50-basis point rate cut in September, which has led to a 'buy-the-dip' reaction.