Bitcoin (BTC) slid below the $60,000 threshold, and perennial skeptic Peter Schiff seized the moment to fire off a taunt on X. He argued that Bitcoiners are delusional to think a dip to $20,000 is impossible — after all, the asset traded below that level just 3.5 years ago. The post quickly racked up over 35,000 views, igniting a heated debate.
Schiff's $20K Bottom Call: 'Stocks Hit 3.5-Year Lows All the Time'
Schiff drew a parallel to traditional equities, noting that stocks frequently retest multi-year lows. With Bitcoin’s famously wild volatility, he sees no reason it can’t repeat history. He brought up the FTX crash, which sent BTC down to $16,000, to hammer home his point. The message was clear: crypto believers are in denial.
Community Strikes Back: 'You've Been Calling for $20K Since Bitcoin Was $200'
Bitcoin supporters fired back hard. User River replied that true believers see any dip as a discount on scarce assets. Mr. Anderson mocked Schiff for repeating the same doomsday script for years, calling it emotional blackmail rather than analysis. Another commenter quipped: “You post about Bitcoin more than gold — trolls are the real fans. Short BTC with high leverage if you’re so sure.” Cosmo Condina even pulled a reverse psychology trick, asking Schiff why gold was also dropping, only to admit he holds more Bitcoin himself, delivering a punchline that drew laughs.
Gold Bug's Eternal Tactic: Reverse Indicator as Crypto Ecosystem Ritual
For the crypto crowd, Schiff’s periodic bearish outbursts have become a predictable fixture. Every correction brings him out to declare Bitcoin dead, and the community happily plays along, using him as a reverse indicator and engagement bait. The war of words shows no sign of cooling off.