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Bitcoin's (CRYPTO: BTC) slide through key support levels has brought long-time critic and gold advocate Peter Schiff back into the spotlight—and he's not mincing words.
What Happened: Economist and prominent gold advocate Schiff argued on X that Bitcoin's only path to a new all-time high now hinges on a highly unlikely scenario: the U.S. government stepping in and purchasing massive amounts of BTC for its Strategic Reserve.
Such a move, he warned, would amount to a taxpayer-funded bailout of Bitcoin speculators.
In a follow-up post, Schiff broadened his criticism to financial media, accusing outlets of helping legitimize what he calls a digital pyramid scheme—echoing a long-standing critique that if Bitcoin collapses, it won't just take down overleveraged investors, but also the credibility of the institutions that amplified its narrative.
Also Read: Bitcoin Down Over $40,000 From Its Peak: Is Now The Time To Start Buying?
Why It Matters: Schiff also took aim at one of Bitcoin's core cultural mantras: "never sell."
He claims it's a psychological tactic used by whales to keep retail holders locked in while bigger players exit.
Now, with prices dropping and many small investors having borrowed against their BTC just to cover expenses, forced liquidations are accelerating and exposing deeper structural fragilities.
Earlier this week, Schiff doubled down on his bearish long-term view, saying Bitcoin could fall "far worse" by 2026, dipping below $88,000. He noted that BTC is already down nearly 30% from its peak in dollar terms and 42% when priced in gold.
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Image: Shutterstock
Posted In: $BTC
