The price of Bitcoin has experienced significant volatility recently, fluctuating between $67,000 and $65,000. While some advocates, including Michael Saylor, express unprecedented optimism, long-time Bitcoin critic Peter Schiff has reiterated his skeptical stance in a recent post on X.
In a surprising twist, Schiff acknowledged that he underestimated the extent of what he refers to as “dumb” money entering the Bitcoin market. In his typical sardonic style, he lamented that he “wished he were smart enough” to foresee the immense greed and fear of missing out (FOMO) that would propel Bitcoin”s price to such heights.
Schiff”s critique is underscored by a notable miscalculation regarding Bitcoin”s potential. He recognizes that the cryptocurrency”s price surged from as low as $1, when he first encountered it, to an astonishing peak of $126,198. This jump showcases the level of speculative investment that has driven the asset”s price, a phenomenon that Schiff seems to have underestimated.
He pointed out that early investors played a crucial role in triggering a rally that has even led skeptics to reassess their views. This created a feedback loop that has been heavily influenced by rising prices and the psychology of investors. Schiff remarked, “If one were to argue with me, they might note that despite significant corrections of 70% or more, Bitcoin now enjoys a presence in U.S. spot exchange-traded funds, robust derivatives markets such as CME, and expanding institutional custody frameworks.” These elements were conspicuously absent during the initial years when Schiff was vocal about his criticisms.
As of mid-February 2026, Bitcoin continues to hover between $71,000 and $60,000, following a sell-off earlier in the month. Current price movements suggest that bearish sentiments and criticisms surrounding Bitcoin might be more prevalent than during the recent uptick in its price.
