Gold advocate and economist Peter Schiff pushes back against the market consensus that Bitcoin dropping to $20,000 is nearly impossible, highlighting that Bitcoin fell below that level just 3.5 years ago. He notes that significant asset drawdowns in short periods are not uncommon in financial markets, and investors should not rule out a repeat.
Gold advocate and economist Peter Schiff took to X (formerly Twitter) to challenge the widely held market belief that a Bitcoin drop to $20,000 is "almost impossible." Schiff argued that this assumption lacks a solid basis, pointing out that Bitcoin fell below the $20,000 threshold only about 3.5 years ago — a period he considers not distant enough to dismiss the possibility. He emphasized that substantial asset drawdowns within short time frames are not unusual in financial markets, and thus investors cannot rule out a return to that price level.
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