Peter Schiff, well known as a crypto skeptic, believes that Bitcoin has set a negative record of four-year stagnation. According to him, four years and four months after the 2021 peak, the price of $BTC has still failed to show real growth despite large-scale adoption. In his view, this cycle has become the worst in the asset’s history in terms of maintaining value. The main argument is that 52 months have gone nowhere.
Why Peter Schiff says Bitcoin’s current cycle is worst yet
Schiff emphasizes that Bitcoin first reached $69,000 in November 2021, while today, at the end of March 2026, $BTC is trading below $67,000. As he states, this is the longest period in Bitcoin’s short history, during which its price has remained below the previous all-time high for such an extended time.
The economist notes that this “anti-record” was set against the backdrop of unprecedented hype and so-called mass adoption of cryptocurrencies. His claims are supported by several data points.
First, while Bitcoin has been stagnating, gold has reached a new all-time high, hitting $5,500 earlier this year.
Second, there is what he calls an inflation trap. Schiff argues that, taking into account accumulated inflation over the past four years, the purchasing power of Bitcoin at $67,000 today is significantly lower than it was in 2021.
In addition to stating the “anti-record,” the crypto skeptic also warns of a price trap from chart point of view. He believes that if support at $60,000 is broken in the coming weeks, the market could face a rapid decline toward $20,000 per $BTC, which would ultimately dispel what he calls the myth of Bitcoin as a store of value.