Peter Schiff's Bitcoin Survey: How Much Should the Price Drop?

Economist Peter Schiff made a statement on Wednesday, mocking the supporters of the leading cryptocurrency Bitcoin (CRYPTO: BTC) as it fell below $100,000. Schiff conducted a poll on X, asking investors how low Bitcoin should drop.

He provided four options for investors to accept as "correct": $50,000, $25,000, $10,000, and 0. According to the poll results, approximately 57% of X users preferred the 0 option, while 19% indicated the $50,000 option.

Schiff's poll serves as a challenge to Bitcoin users to accept that it is a speculative bubble that will head to zero. However, the counter-arguments from users drew attention; for example, Thomas Rossini argued that Schiff's "window of being right has closed."

Amid these discussions, Schiff asked whether Bitcoin investors would still be wrong if "they lost 90% of their money and many went completely bankrupt due to leverage and taxes."

Schiff's poll came to the fore as the leading cryptocurrency Bitcoin once again fell below $100,000. Bitcoin has lost 21% of its value since its peaks in October. With a prevailing sentiment of “Extreme Fear” in the markets, Bitcoin liquidations alone exceeded $273 million in the last 24 hours.

Analyst Scott Melker suggested that traders may have started the four-year halving cycle for Bitcoin early, potentially diminishing its effects. However, he added that following the end of these early sell-offs, Bitcoin may enter a mature, liquidity-focused phase that could last until 2026.