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The price of Bitcoin is on a roller coaster-like ride today, with the price bouncing in the $67,000-$65,000 range, and while cryptocurrency proponents like Michael Saylor say they have "never been more bullish," a long-standing critic of the digital asset, Peter Schiff, reiterated his stance in a new X post.
What makes Schiff's new statement about Bitcoin surprising is his admission that he underestimated the amount of "dumb" money willing to buy Bitcoin. In his sarcastic manner, he wishes he "were smart enough" to realize how big the greed and fear of missing out (FOMO) would be.
$126K miscalculation by Peter Schiff and "dumb money" win
It is important to note that the ex-banker did not abandon his view that Bitcoin lacks intrinsic value. On the contrary, he concedes that he misjudged the scale of speculative participation that would drive the cryptocurrency's price from as low as $1, when he first became aware of BTC, to as high as $126,198.
It is the early buyers who triggered a rally that compelled even skeptics to reconsider, creating a feedback loop fueled by rising prices and investor psychology, says Schiff.
If one were to argue with Schiff, they would say that despite repeated corrections by 70% and more, the asset is now present in spot exchange-traded funds in the United States, deep derivatives markets — CME for example — and expanding institutional custody infrastructure, elements absent during Bitcoin’s early years when the expert first criticized it.
Still, as of the middle of February 2026, Bitcoin continues to sideways chop between $71,000 and $60,000 after a sell-off earlier this month. Given the current price action, it is evident that the criticism and "bearish" rhetoric toward Bitcoin right now is more "fashionable," and thus Schiff is too, than during the latest round of price appreciation.
Vladislav Sopov
Dan Burgin