Peter Schiff is predictable. When asked what price would mark Bitcoin’s bottom, the longtime gold bug had a one-character answer: “0.”
This came as BTC sits at a 21-month low. On July 1, Bitcoin touched $57,717 — its lowest since September 2024. It’s since bounced to around $62,463, up 1.18% on the day. But the damage is real: Bitcoin’s down roughly 51% from its all-time high of $126,198.
That drop has everyone asking the same question. When does this end? Where’s the bottom?
Schiff’s “0” answer has layers. He’s been calling Bitcoin worthless for years. He’s predicted total collapse more times than most people can count. And he’s been wrong every time. Bitcoin’s survived 17 years, multiple crashes, exchange implosions, regulatory crackdowns, and Schiff’s own repeated obituaries.
But that doesn’t mean he’s wrong forever. A broken clock, right?
Market analysts see things differently. They point out that Bitcoin’s current drop puts it in the zone where previous bear markets eventually bottomed. The catch? Those bottoms took months to form. Most retail traders have already thrown in the towel.
Schiff recently said he could see Bitcoin falling to $1,000. That came after Citigroup cut its 12-month BTC target from $112K to $82K. The macro picture isn’t helping — higher interest rate fears and concerns about Strategy (formerly MicroStrategy) are weighing on sentiment.
One thing’s for sure. Schiff’s “0” prediction didn’t come with a dollar sign. Maybe he was making a philosophical point, not a price call. Or maybe he just wanted the attention. With Schiff, it’s usually both.
