Peter Schiff questions Bitcoin’s long-term value as crypto dips below $70K amid geopolitical risks

Veteran economist Peter Schiff has once again reignited the long-running debate around Bitcoin, questioning its credentials as a superior long-term investment and drawing sharp reactions from the crypto community.

In a recent post on X, Schiff, Chief Economist & Global Strategist at Europac, argued that Bitcoin’s performance over the past five years has lagged traditional assets. He pointed out that while equity benchmarks such as the Nasdaq and S&P 500 have delivered strong returns, and precious metals like gold and silver have significantly outperformed, Bitcoin’s gains over the same period have been relatively modest. Based on this comparison, Schiff questioned the logic of holding Bitcoin as a long-term asset.

Sharpening his critique, Schiff wrote: “If Bitcoin ends 2026 at $10,000, it will still be the best-performing asset over ten years. I’m sure @Saylor will rely on that to keep pumping Bitcoin… But a 92% decline will make it the worst-performing investment for most HODLers.”

In another post, he added: “Earlier today Bitcoin peaked above $70K and was immediately hit by a wave of selling. There’s too much overhead resistance to justify even speculative buys at these prices. The upside potential is limited, whereas the downside risk is significant. The opposite is true for gold.”

Schiff’s remarks come at a time of heightened market volatility. Bitcoin slipped on Tuesday amid rising global uncertainty linked to US President Donald Trump’s deadline on Iran, falling more than 2% before recovering slightly to trade near $68,000. The decline erased gains from the previous session, when the cryptocurrency briefly crossed the $70,000 mark for the first time in months.

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The weakness was broad-based across the crypto market. Ether dropped nearly 3% before stabilising, while major altcoins such as Solana, XRP, and BNB also saw declines. Analysts note that Bitcoin is currently consolidating around the $68,500 level, with limited momentum and no clear breakout signals in the near term.

Geopolitical tensions have added to the uncertainty, particularly concerns around the Strait of Hormuz and Iran’s rejection of a ceasefire proposal. These developments have kept global markets on edge, with equities showing mixed trends and oil prices surging sharply amid fears of supply disruptions.

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Despite the near-term volatility, institutional demand continues to offer some support. US-listed Bitcoin ETFs have recorded steady inflows, indicating sustained long-term interest even as traders adopt a cautious, wait-and-watch approach.

Schiff’s latest comments are consistent with his long-standing scepticism toward Bitcoin. Since 2011, he has repeatedly declared the cryptocurrency “dead,” with more than 20 such calls recorded. Notably, his earliest criticism came when Bitcoin was trading near $17, yet the asset has delivered exponential returns over the long term.

His views have once again drawn pushback from crypto proponents. MicroStrategy Executive Chairman Michael Saylor countered that Schiff’s analysis relies on selective timeframes, arguing that Bitcoin has been one of the best-performing assets since 2020 and that its outperformance becomes even more pronounced over longer horizons. Schiff, however, dismissed this argument, accusing supporters of cherry-picking favourable entry points.

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