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Economist and longtime Bitcoin (BTC) critic Peter Schiff has issued a fresh warning to cryptocurrency investors, arguing that the world’s largest digital asset could face a steep decline if a key price level fails.
In a Thursday social media post on X, Schiff said that a break below $50,000 would likely open the door to a much deeper selloff. “If Bitcoin breaks $50K, which looks likely, it seems highly likely it will at least test $20K,” he wrote.
Schiff, who has long championed gold as a superior store of value, has repeatedly questioned Bitcoin’s role in the global financial system. In a previous interview, he said BTC is unsuitable as a reserve asset for central banks, contending that its volatility would make it impractical to hold in large quantities without causing market instability.
Schiff also argued that while some sovereign wealth funds and governments have taken limited positions in Bitcoin-related products, those allocations remain small and are often driven by performance pressure rather than deep conviction.
He has expressed skepticism about the durability of institutional demand, predicting that professional investors’ interest in Bitcoin could wane over time. Schiff warned that more recent entrants to the market may ultimately suffer losses if prices retreat sharply.
At the time of writing, the leading cryptocurrency is trading at $66,900. The largest resistance level is cited at $70,000, while support floors are listed at $65,800 and $62,800, which Schiff’s framework suggests could limit additional losses in the near term.
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