TLDR
- Hedge fund manager Peter Schiff predicts Bitcoin will eventually fall to zero, though not in the next 5-10 years
- Schiff argues that even prices like $100 or $1,000 would be “near-zero” for investors who bought at higher levels
- Bitcoin recently fell below $63,000, down nearly 50% from its October 2024 peak of $124,000
- Schiff calls Bitcoin rallies “traps” in a bear market and advises investors to “sell the rip”
- At press time, Bitcoin was trading at $70,915.99, up 4.4% in 24 hours
Hedge fund manager Peter Schiff has renewed his prediction that Bitcoin will ultimately crash to zero. The long-time cryptocurrency critic shared his views in a recent conversation with Sujal Jethwani.
Peter Schiff says if you trust Bitcoin you are an "idiot." pic.twitter.com/dIh6AYvny7
— Bitcoin Junkies (@BitcoinJunkies) February 8, 2026
Schiff acknowledged that Bitcoin likely won’t disappear in the next five to 10 years. However, he believes the cryptocurrency will eventually lose all value over a longer time horizon.
“Well, I think eventually it will be at zero,” Schiff said. “But I think at this point, there are so many people around the world that are into Bitcoin. I just can’t see there being no demand for it at this point.”
His comments come as Bitcoin recovers from a sharp decline. Last week, the cryptocurrency fell below $63,000, marking almost a 50% drop from its peak of $124,000 in October 2024.
Schiff argued that the distinction between zero and “near-zero” doesn’t matter much for investors. Even if Bitcoin trades at $100 or $1,000, he said it would represent “a lot of value for basically nothing.”
The hedge fund manager emphasized that investors should focus on total capital loss rather than whether Bitcoin technically reaches zero. He used a hypothetical example to illustrate his point.
“If you invest a million dollars in Bitcoin, and it’s worth a hundred bucks, I mean, does it really matter if it goes to zero?” Schiff asked. “It’s only a hundred-dollar difference, right? So there’s a tremendous potential for Bitcoin to fall.”
Over the past century, Schiff suggested that Bitcoin will be forgotten entirely. He believes no meaningful demand will remain for the cryptocurrency in the long term.
Bear Market Rallies Are Traps
Schiff also warned investors about Bitcoin’s recent price rallies. On February 6, he posted on social media platform X that sharp upward moves in bear markets create false optimism.
“Bear markets slide a slope of hope,” Schiff wrote. “That’s why the biggest daily moves in bear markets are usually up. Such sharp rallies create a false sense of optimism, keeping people in when they should be getting out.”
He pointed to MicroStrategy’s 25% gain and Bitcoin’s 11% increase on the same day. His advice to investors was direct: “Sell the rip!”
Schiff maintains that Bitcoin lacks intrinsic value unlike gold. He views the cryptocurrency as a speculative bubble where early adopters profit only if later buyers enter the market.
The economist has frequently compared Bitcoin’s performance to gold. He noted that Bitcoin is now 60% lower than its November 2021 high when measured in gold terms.
Criticism of Financial Mania
On February 5, Schiff described Bitcoin as “the biggest financial mania in history.” He questioned how promoters convinced mainstream media, Wall Street banks, and government officials to embrace the cryptocurrency.
“The amazing part about the bitcoin bear market is that the price is down almost 50% from its peak and there still hasn’t been a crash,” Schiff wrote. “There is no way this bear market will end without one.”
He also criticized U.S. political support for cryptocurrency. Schiff contrasted this with China’s focus on manufacturing and gold accumulation.
Bitcoin supporters counter that the network operates as a decentralized monetary system. They point to continuous uptime, deep liquidity, and fixed supply as key features supporting long-term value.
At press time, Bitcoin was trading at $70,915.99, up 4.4% in the past 24 hours.
