Bitcoin Could Plunge Over 75%, Warns Economist Peter Schiff

Bitcoin is struggling to break past $84,000, and with the U.S. stock market facing a sharp correction, bearish predictions are mounting.

Economist Peter Schiff warns that if the Nasdaq suffers a major downturn, Bitcoin could plunge to $20,000.

Schiff points to Bitcoin’s history of moving in sync with the Nasdaq, which has already dropped 12%. If the index falls further—potentially slipping into bear market territory—a steeper Bitcoin decline could follow. Based on past trends, a 20% Nasdaq drop might send Bitcoin toward $55,000, while a more dramatic downturn could push it even lower.

Highlighting previous market crashes, Schiff recalled the Nasdaq’s 80% collapse during the dot-com bust, its 55% decline in 2008, and the 30% dip in 2020. If the index experiences a 40% drop, he believes Bitcoin could spiral to $20,000, triggering an even deeper sell-off. Bloomberg’s Mike McGlone shares a similarly bearish outlook, predicting Bitcoin could dip to $10,000.

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Investors Shift Focus from Memecoins to Fundamental Altcoins

While Bitcoin struggles, gold has been on the rise, climbing 13% since the Nasdaq’s peak in December. Schiff suggests that if stocks continue to tumble, gold could surge past $3,800, especially if the U.S. dollar weakens. This widening gap between gold and Bitcoin challenges the idea of Bitcoin as a “digital gold,” potentially discouraging institutional investors and governments from holding it as a reserve asset.

Schiff also warns that heavy selling pressure could put Bitcoin-backed companies in a tough spot. If prices collapse, firms like MicroStrategy might struggle to liquidate their holdings fast enough to avoid financial distress.

Despite market uncertainty, Bitcoin has remained relatively stable over the weekend, trading at $83,742, down 0.66%. However, daily trading volume has jumped by 79% to over $23.21 billion, indicating increased activity as traders prepare for the Federal Reserve’s next move.

Schiff Warns About Bitcoin, but BTCBULL Gains Traction

While Peter Schiff made this catastrophic price prediction, the crypto sector saw a new token emerge that could change the crypto game. BTC Bull Token ($BTCBULL) is a new meme token that brings together two of the strongest ecosystems in the crypto world: Bitcoin and Ethereum.

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Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.