Peter Schiff is back on the offensive as Bitcoin’s slide deepens. This latest downturn has revived a debate that has followed the cryptocurrency for more than a decade. Schiff has spent years warning that Bitcoin behaves like a bubble. Now that the price has fallen below USD 100,000, he argues that none of this should catch anyone off guard.
Frustration with CNBC also surfaced in his comments. According to Schiff, the network gave far less attention to the drop than to earlier rallies. Analysts there now “seem at a loss” after months of predicting much higher prices.
To him, that confusion shows an unwillingness to acknowledge what he believes Bitcoin has always been: a speculative asset with no intrinsic value. His long-running comparison returned as well, calling Bitcoin “a modern-day tulip,” a line he has repeated since it traded under $1,000.
Schiff’s “I told you so” moment
Critics pushed back quickly. Many reminded him that he has issued the same warning since Bitcoin was worth around $100. Others noted that early investors who ignored him have grown far wealthier, weakening the weight of his arguments. Growing adoption and changes in market structure, they said, have made his decade-old critique feel outdated.
A few days prior, Schiff escalated the exchange by launching a poll on X. He asked Bitcoin holders how far the price must fall before they would admit he was “right.” Most respondents selected “0,” signalling they do not expect Bitcoin to collapse as he predicts.
Bitcoin’s renewed slide formed the backdrop to the poll. Prices have dropped 21% from October highs, leading to more than $273 million in liquidations. Analysts believe traders may have priced in the halving cycle too early, and some now expect the market to move toward a more mature, liquidity-driven phase heading into 2026.
