Peter Schiff: Bitcoin could drop below $20,000

Economist and gold advocate Peter Schiff renewed a bearish forecast on bitcoin as the cryptocurrency pulled back to about $65,700. He warned that heavy use of leverage and concentrated institutional holdings make the market vulnerable to a large decline.

Schiff projected a drop below $20,000, which would erase more than 80% of recent value. He attributed such a move to speculative positioning rather than changes in fundamental demand.

He criticized companies that keep bitcoin on their balance sheets, calling the corporate treasury strategy a “time bomb of speculation.” He argued that firms holding large positions might be forced to sell during market stress, which could deepen price declines.

Schiff, who promotes gold as a store of value, has linked his bitcoin warnings to concerns about the U.S. dollar and inflation. Earlier in 2026 he warned that a correction in the dollar could set the stage for a major bitcoin crash.

Trackers that catalogue public comments have recorded more than 20 instances of Schiff forecasting a bitcoin collapse, a frequency noted by market participants. Supporters of bitcoin point to repeated recoveries after past sell-offs; others say high leverage and concentrated positions raise market fragility.

Market participants say the immediate test of Schiff’s latest forecast will be price action. If bitcoin holds key support levels, the prediction would remain unfulfilled; if support breaks, forced liquidations and institutional selling could push prices lower.