Schiff on Bitcoin (BTC): I Don't Expect $10K to Hold

Gold advocate and long-time crypto skeptic Peter Schiff believes that Bitcoin is on track to plunge to $10,000, and that level might not hold.

“Looking at a long-term Bitcoin chart, it looks like it will have some initial support around $10K,” Schiff wrote on X.

Schiff’s victory lap

Following Bitcoin’s enormous crash to $60,000, Schiff is still taking a victory lap. He has dismissed the severity of the current drop, implying the worst is yet to come.

“That’s hardly a crash,” Schiff retorted. “Bitcoin is going much lower than that.”

Schiff also took aim at MicroStrategy Executive Chairman Michael Saylor, who recently claimed his company could withstand a drop to $8,000 per Bitcoin over the next four years.

The odious economist argued that such a scenario would spell the end for the corporate giant.

“He won’t be able to buy as if Bitcoin is at $8K in four years, there is no way MSTR can refinance,” Schiff argued. “The company will go out of business, that’s the point. It will also prove that all the hype about Bitcoin was a lie.”

Schiff also expressed doubt that the decline would be a slow burn. He doubts that “it will take a whole four years for Bitcoin to get down to $8K.”

Of course, he has also noted that Bitcoin had fallen back below the value of 13 ounces of gold.

“People who sold gold to buy Bitcoin made a huge mistake,” Schiff stated. “The longer they wait to correct it, the more costly it becomes.”

Finally, the economist has slammed financial news networks, specifically CNBC, for what he perceives as biased coverage.

“The biased and clueless mainstream financial media covers Bitcoin’s ‘unexpected’ 50% decline as if it’s just another great buying opportunity,” Schiff wrote. “The real opportunity is to sell Bitcoin before it loses the other half of its market value.”

He went as far as to suggest that networks could be liable for their bullish bias.

“Since CNBC is more like a Bitcoin infomercial, masquerading as an objective financial news network, its lack of disclaimers may mean viewers have a free put if they buy and lose money,” he argued.