Peter Schiff Urges Bitcoin HODLers to ‘Abandon Ship’ After BTC Falls Toward $60k
Bitcoin critic Peter Schiff urged long-term HODLers to “abandon ship” after BTC slid toward the $60,000 level. On X (formerly Twitter), Schiff argued Bitcoin has underperformed relative to gold — down roughly 60% versus gold from 2021 highs — and highlighted Michael Saylor’s reported $54 billion Bitcoin position as showing near double-digit unrealized losses following the recent drop. Schiff called Bitcoin the largest “financial mania” in history and said it is now over, recommending investors rotate into silver and gold. The article notes Schiff’s long history of bearish calls dating back to 2013, many of which preceded large multi-year BTC gains; Bitcoin was trading near $69,000 at the time of reporting, finding some support around $60,000 and roughly 48% below an alleged ATH of $126.5k. The piece frames Schiff’s comments as FUD that should be weighed against his track record and the broader market’s volatility.
Bearish
Schiff’s public call for HODLers to “abandon ship” amplifies negative sentiment and could encourage selling pressure, particularly among retail traders sensitive to high-profile bearish narratives. The report highlights BTC testing the $60k psychological level and notes large unrealized losses for major holders (e.g., Michael Saylor), which can increase the risk of capitulation or forced selling if leveraged positions or corporate treasuries act to reduce exposure. Historically, high-profile bearish commentary (plus visible unrealized losses among notable holders) has intensified short-term volatility and downside moves — for example, past sell-offs were exacerbated by liquidation cascades and negative headlines in 2018 and 2022. In the short term, expect elevated volatility, increased fear-driven selling, and possible brief dips below $60k if sentiment worsens. In the medium-to-long term, fundamentals such as adoption, macro liquidity, and on-chain metrics will matter more; headline-driven FUD often proves temporary, and similar past episodes have preceded multi-month recoveries. Traders should watch spot support at $60k, derivatives funding rates and liquidations, and institutional signals before adjusting positions.