Financial commentator Peter Schiff has once again taken a bearish stance on Bitcoin, urging investors to sell the cryptocurrency while it remains above the $100,000 mark. According to Schiff’s recent social media post, the current price level offers what he described as an “incredible opportunity” for holders to exit before a potential decline.
Schiff, a long-time critic of digital assets, warned that Bitcoin is still “ridiculously overpriced” despite its impressive rise. He advised those holding the token to act quickly, emphasizing that the market could soon correct sharply. The warning follows earlier remarks in which he compared Bitcoin’s valuation to speculative bubbles of the past.
Market Strategists Echo Schiff’s Bearish Outlook
Notably, Schiff’s view aligns with that of Bloomberg’s senior commodity strategist Mike McGlone, who believes Bitcoin’s stay above $100,000 will be short-lived. McGlone observed that despite Bitcoin’s surge, the broader Bloomberg Galaxy Crypto Index has slipped by about 1 percent this year, contrasting with a 16 percent gain in the S&P 500.
Meanwhile, Kynikos Associates founder Jim Chanos revealed that his firm has closed its short-on-Strategy and long-on-Bitcoin position. His earlier prediction that the leading Bitcoin treasury company, MicroStrategy (MSTR), was overvalued relative to its Bitcoin holdings has proven accurate, as MSTR’s stock has plunged nearly 45 percent and its premium to net asset value has nearly vanished.
Bitcoin advocate Pierre Rochard viewed the development as a possible sign of recovery for the company, noting that such corrections often precede market reversals. He, however, cautioned that volatility would likely continue in the near term.
Analysts Divided as Crypto Market Seeks Direction
The contrasting opinions from Schiff and other strategists highlight the deep divide within the crypto market. While bearish analysts foresee a potential pullback following Bitcoin’s climb beyond $100,000, optimists argue that growing institutional adoption and tightening supply could support further gains.
Nevertheless, Schiff’s remarks have rekindled concerns among investors about sustainability at current levels. His insistence on shifting focus to traditional assets like gold and equities underscores the ongoing debate between advocates of tangible stores of value and supporters of decentralized finance.
As Bitcoin’s price continues to test investor conviction, Schiff’s latest warning serves as a reminder that market sentiment remains fragile, even at record highs.