Peter Schiff, the economist and gold proponent who has spent more than a decade warning against bitcoin, said that the cryptocurrency will crash below $20,000. The call arrived as bitcoin slid as low as $65,700, giving its perennial bearishness a fresh hook on a down day for the market.

A drop to $20,000 would represent a decline of more than 80% from bitcoin’s recent levels, a move that would wipe out years of gains for many holders. Schiff has framed such a collapse as not only possible but likely if support breaks, arguing that the asset’s growth has been built on speculation rather than fundamentals.

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Schiff has laid out his reasoning before, arguing that bitcoin is more dangerous now than in past cycles, stating: “I know Bitcoin has done that before, but never with so much hype, leverage, institutional ownership, and market cap at stake.” In his view, the heavier presence of leveraged traders and large institutions makes a deep drawdown more destabilizing, not less.

A vocal advocate for gold, Schiff has long contended that the precious metal, not bitcoin, is a true value safe haven, repeatedly tying his crypto warnings to fears of a weakening USD and rising inflation. In fact, earlier this year, he claimed that bitcoin is setting up for a major crash as a dollar reckoning looms, a theme he has returned to throughout 2026.

He has also aimed at corporate bitcoin strategies, describing the treasury model pioneered by companies that hold large amounts of bitcoin as a “time bomb of speculation,” cautioning that forced selling by such firms could accelerate any decline. Those arguments place his $20,000 prediction within a wider critique of how institutional money has entered the market.

Whether the call proves accurate is another matter, as Schiff is among bitcoin’s most persistent critics, and trackers that catalog his predictions have recorded more than 20 instances in which he forecast the cryptocurrency’s collapse. That history has made him a frequent target of bitcoin supporters, who note that the asset has repeatedly recovered from steep sell-offs to set new highs.

Schiff’s track record cuts both ways, given that critics often dismiss him as a permabear, while supporters argue that elevated leverage and crowded institutional positioning make the market more fragile than it looks. The next proper signal will likely come from BTC’s price itself because if it holds above key support, the aforementioned $20,000 target will join a long list of unfulfilled calls.

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