Peter Schiff Warns of Bitcoin Collapse as Price Drops Sharply

Peter Schiff remains firm in his belief that Bitcoin (BTC) is a financial bubble destined to burst. He argues that every market dip brings the crypto sector closer to its inevitable collapse. Schiff recently responded to criticism that he targets Bitcoin holders when prices drop, clarifying that his concerns lie with what he sees as a prolonged illusion, not individual traders.

Schiff insists Bitcoin isn’t just speculative—it’s dangerous. He predicts its downfall is a matter of when, not if. His latest remarks come as he faces personal financial troubles. His Panama-based Euro Pacific Bank was shut down following regulatory scrutiny, a move he claims was politically motivated by U.S. authorities.

Meanwhile, Bitcoin is struggling. After failing to sustain its position above the 200-day moving average, BTC saw a sharp downturn, dropping over 2% in four hours to a low of $82,300. The decline triggered a wave of liquidations, wiping out $93.2 million in positions, with $83.98 million coming from long trades.

For investors betting on further gains, this rapid reversal was a major setback. While Schiff sees it as validation of his warnings, Bitcoin’s resilience continues to be tested in volatile market conditions.