Economist and long-standing Bitcoin critic Peter Schiff has reiterated his bearish stance on the cryptocurrency, issuing a fresh warning to investors while admitting he underestimated the scale of speculative participation that has driven BTC's price. In a series of social media posts on X, Schiff maintained that Bitcoin lacks intrinsic value and is a bubble, despite its price appreciation from around $1 when he first became aware of it to an all-time high of $126,198 reached in October 2025.
Schiff's central warning is stark: he predicts that if Bitcoin breaks below the $50,000 support level, it could plummet to test $20,000. This would represent an 84% crash from its record high. He argues the current environment is more precarious than past cycles due to "unprecedented hype, higher leverage in the system, greater institutional ownership and a much larger overall market capitalization." His direct advice to investors was: "Sell Bitcoin now!"
In a sarcastic admission, Schiff stated he wished he "were smart enough to have realized how many people would be dumb enough to buy Bitcoin" initially, acknowledging that the rally was fueled by a feedback loop of rising prices, investor psychology, greed, and fear of missing out (FOMO). However, he did not abandon his core critique, questioning Bitcoin's suitability as a reserve asset for central banks due to its volatility and expressing skepticism about the durability of institutional demand, which he believes may be motivated by performance pressure rather than conviction.
As of mid-February 2026, Bitcoin's price action has been choppy, trading between $71,000 and $60,000 after a recent sell-off. At the time of the reports, BTC was trading around $66,900, with key resistance at $70,000 and support levels at $65,800 and $62,800.
