Peter Schiff wants you to sell your Bitcoin as he predicts an 84% crash.
Longtime Bitcoin critic Peter Schiff has sparked controversy over the cryptocurrency’s outlook, warning that a break below $50,000 could trigger a steep decline to $20,000, an 84% drop from its all-time high.
Summary
- Peter Schiff has warned that if Bitcoin breaks below $50,000, it could fall to $20,000 – an 84% drop from its all-time high – urging investors to “sell Bitcoin now.”
- Schiff asserted that while Bitcoin has experienced similar failures before, the current market carries greater risk due to increased leverage, institutional ownership, and overall market size.
- His comments prompted backlash from X, with users pointing to his long history of bearish calls and defending Bitcoin’s long-term value proposition as an audit-resistant, globally liquid financial network.
Sell Bitcoin now, says Peter Schiff
In a post on X, Schiff argued that “if Bitcoin breaks $50K, which seems likely, it seems that it will test at least $20K,” adding that such a move would reflect the previous decline but occur under very different market conditions.
“I know Bitcoin has done that before,” he wrote, “but never has he had so much hype, power, institutional ownership, and market value at stake. Sell Bitcoin now!”
Schiff, a prominent gold advocate and frequent crypto skeptic, has long maintained that Bitcoin’s price cycles resemble speculative bubbles fueled by a lack of capital and investor enthusiasm. His latest warning comes amid renewed volatility in digital asset markets, with traders closely watching key technical levels.
The 84% recovery will be similar to previous bear markets. Bitcoin has previously experienced declines of more than 70% following bullish rallies, including after its 2017 peak and again following its 2021 high. However, the composition of assets has changed significantly, with exchange-traded funds, corporate stocks, and institutional stocks now holding large positions.
Schiff’s latest warning quickly backfired on X, with critics accusing the longtime gold advocate of repeating a decade-old bearish note.
One user said that investors who followed his silver calls were left “stuck in it for 20 years,” a reference to the metal’s long pause after previous peaks. Others pointed to Schiff’s history of urging investors to sell Bitcoin at record lows, noting that he has been issuing similar warnings since the commodity traded near $100.
A different response argued that Bitcoin’s “intrinsic value” lies in its audit-proof residential network, global economy, and lack of gatekeepers, framing its volatility not as an error but as a market process to set prices in a new financial system in real time.
The exchange shows a sharp divide between Schiff and Bitcoin advocates, with critics portraying his latest $20,000 forecast as a continuation of long-standing doubts that have so far failed to derail the cryptocurrency’s broad upward trend.
Nevertheless, Schiff’s comments highlight the ongoing division in the investment community: whether the growth of the Bitcoin center makes it stronger or more vulnerable in the event of a sharp decline.
