Peter Schiff, a well-known cryptocurrency skeptic, believes that Bitcoin has set a negative record with four years of stagnation. According to him, four years and four months after the peak in 2021, $BTC Despite large-scale implementation, it has still not been able to show substantial growth. In his view, this cycle has been the worst in the history of assets in terms of value retention. The main argument is that 52 months didn’t do any good.
Why Peter Schiff says Bitcoin’s current cycle is the worst ever
Schiff said Bitcoin first reached $69,000 in November 2021, but today, at the end of March 2026. $BTC It trades for less than $67,000. As he notes, this is the longest period in Bitcoin’s short history, during which the price has remained below its all-time high for such an extended period of time.
The economist points out that this “counter-record” was set against a backdrop of unprecedented hype and mass adoption of so-called cryptocurrencies. His claim is supported by several data points.
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First, while Bitcoin has stagnated, gold hit a new all-time high earlier this year, reaching $5,500.
Second, there is what he calls the inflation trap. Schiff argues that Bitcoin’s purchasing power of $67,000 today is significantly lower than it was in 2021, given the cumulative inflation over the past four years.
In addition to declaring a “counter-record,” crypto skeptics are also warning of price traps from a chart perspective. He believes the market could face a sharp decline towards $20,000 per share if the $60,000 support breaks down in the coming weeks. $BTCwhich will finally dispel what he calls the myth of Bitcoin as a store of value.
