Peter's first letter was written about 50-70 years after Jesus to Christians living under Roman rule in modern day Turkey. There is dispute over the exact target audience as some cite the "former ignorance" (1:14) and "futile ways inherited from your fathers" (1:18) to suggest a Gentile audience whereas references to dispersion implies a Jewish population. Regardless, there would have been a mixture of both Jewish and Gentile believers in the region subject to Roman authority.
While physical suffering often follows verbal abuse, there is no explicit reference to any physical harm that Peter's readers were facing and no historical evidence of an offical empire-wide decree to persecute Christians during that time. Religious bigotry and discrimination a la the Aferican American racial plight during the Civil Rights era was the likely climate for Peter's audience.
Many throughout Church history point to Peter's significance in the Gospels to support claims for his primacy among the apostles and even his authority as the first pope of the church. However, Peter himself never claims these priviliges nor do his peers ever recognize him as such. (1:1, 5:1).
Perhaps more relavent to the recipients of this letter is not Peter's high highs but his lowest of lows. That in fact, the rock of the church once crumbled when faced with verbal abuse and discrimination. Peter teaches on the riches in Christ and responsibility of believers not as someone who succeded, but as the one who heard the rooster crow.