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Economist Peter Schiff predicted on Wednesday that things would get “far worse” for Bitcoin (CRYPTO: BTC) once it fell below $88,000.
In an X post, Schiff noted that the apex cryptocurrency had fallen nearly 30% from its high in dollars and 42% from its high priced in gold.
“How many people popping champagne corks at Bitcoin $100,000 parties a year ago expected 2025 to be this bad?” Schiff said, in what looked like a veiled swipe at Bitcoin bull Michael Saylor.
Schiff predicted that Bitcoin would face serious problems if it fell below $88,000, adding that 2026 “could be far worse.”
Bitcoin was indeed going through a lean patch, having erased all of its 2025 gains in the ongoing slump.
However, Bitcoin advocates rebutted Schiff’s arguments.
“Imagine doing a victory lap with one good year after getting SMACKED by Bitcoin for over a decade straight,” Adam Living ston, cryptocurrency analyst and author, said, showing how BTC has surpassed gold and the S&P 500 in compound annual growth rate.
See Also: Eric Trump Predicted Q4 Will Be ‘Unbelievable’ For Crypto: Here’s How It’s Going
Schiff, a long-time critic of Bitcoin, argued earlier this week that the cryptocurrency’s reputation as the best-performing asset “no longer holds true” in 2025.
He also pointed to Strategy Inc. (NASDAQ:MSTR), often viewed as a Bitcoin proxy, noting it’s down 35% in 2025 and trading 65% below its November 2024 peak.
Meanwhile, Gemini Space Station Inc. (NASDAQ:GEMI) founder Cameron Winklevoss presented a bullish outlook, stating that this is the “last” chance to buy BTC below $90,000.
Benzinga Edge Rankings delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR and GEMI here.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
