Economist Peter Schiff taunted Bitcoin (CRYPTO: BTC) supporters on Thursday after the leading cryptocurrency tumbled below $100,000.
Was Schiff Right About Bitcoin?
Schiff opened up a poll on X, asking investors how low Bitcoin must drop before they would admit he was “right” all along. The poll includes four options: $50,000, $25,000, $10,000, and 0.
As of this writing, about 57% of X users voted for 0, with a little over 19% choosing $50,000.
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Bitcoin Defenders Respond
Schiff’s poll challenges Bitcoiners to concede his view that the cryptocurrency is a speculative bubble destined for zero value.
However, users pushed back, with one Thomas Rossini stating that Schiff’s “window for being right has closed.”
In response, Schiff asked whether he’d still be wrong if Bitcoin investors “end up losing 90% of their money, and many get completely wiped out due to leverage and taxes.”
BTC Back Below $100,000
Schiff’s poll comes after the apex cryptocurrency sank below $100,000 yet again, reversing gains made earlier in the week. BTC was down 21% from its October highs.
“Extreme Fear” sentiment dominated the market, while Bitcoin liquidations alone topped $273 million in the last 24 hours, according to Coinglass.
Analyst Scott Melker suggested that traders may have front-run Bitcoin’s four-year halving cycle, diluting its impact. However, he added that once that premature selling fades, Bitcoin could shift into a mature, liquidity-driven phase that extends through 2026.
Price Action: At the time of writing, BTC was exchanging hands at $99,603.75, up 2.46% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Frame Stock Footage on Shutterstock.com
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