Renowned economist Peter Schiff has raised eyebrows again by asserting that Bitcoin may soon face a critical support level around $10,000. This statement came as the cryptocurrency traded at approximately $66,214.78, according to CoinMarketCap. Schiff”s analysis, based on long-term charts, indicates that this price point could serve as a foundational support for the digital asset.
Schiff”s skepticism extends to MicroStrategy”s executive chairman, Michael Saylor, who has publicly committed to refinancing corporate debt to continue purchasing Bitcoin even if prices plummet to $8,000. Schiff took to social media to question the viability of Saylor”s strategy, implying that a fall to such lows would raise doubts about both Saylor”s credibility and the reputation of Bitcoin itself.
In a recent post, Schiff noted, “If Bitcoin is down to $8K in four years, down 94% from its 2025 high, and 60% below its 2017 high thirteen years earlier, will anyone still take Saylor or Bitcoin seriously?” His comments have reignited the debate surrounding the merits of gold compared to Bitcoin, a discussion he has long championed.
As volatility continues to impact crypto-linked equities, Bitcoin has struggled to maintain its foothold, significantly below its record high of over $126,000 achieved in October. The current market conditions reflect a broader trend of declining prices, with the cryptocurrency falling nearly 23% year-to-date.
On February 11, Schiff pointed out that Bitcoin had dropped below $66,000, equating it to less than 13 ounces of gold. He also highlighted that Bitcoin is trading roughly 64% below its November 2021 peak when measured against gold.
Market data shows that Bitcoin experienced a 1.2% decline over the past 24 hours, with a market capitalization of $1.32 trillion. Trading volume for the cryptocurrency reached $44.27 billion, marking a decline of 10.93%. Despite these figures, retail sentiment has begun shifting to a “bullish” outlook, reflecting a change from previous neutral sentiments.
The ongoing debate between gold and Bitcoin continues to spark reactions across various platforms. Proponents of Saylor”s strategy argue for the resilience of long-term plans, while critics warn of the risks associated with heavy leverage in a volatile market. As discussions unfold, the implications for corporate debt and investment strategies tied to Bitcoin remain critical.
As the cryptocurrency market navigates these turbulent waters, the question remains: what happens if Bitcoin“s support truly lies near the $10,000 mark?
