Peter Schiff: Bitcoin Could Drop to $75,000, Ethereum Might Fall Even More

Peter Schiff: Bitcoin Could Drop to $75,000

Economist and gold supporter Peter Schiff has once again warned that bitcoin and ethereum might still fall further in price. Schiff, who has long criticized cryptocurrencies, said their recent drop proves they don’t have the same stability or real value as gold and other precious metals.

In a post on X (formerly Twitter) on October 11, Schiff pointed out that bitcoin had fallen below $110,000 and ethereum dropped under $3,700. He warned that if ethereum falls below $3,350, it could plunge to around $1,500—a drop of nearly 70% from its highest point. If that happens, bitcoin could fall to around $75,000, a 40% decline from its peak.

“Crypto carnage continues,” Schiff wrote. “As bad as bitcoin looks, ethereum looks even worse. Get out now!”

Schiff added that bitcoin is crashing and still has “a long way down to fall.”

While he is pessimistic about crypto, Schiff praised gold and silver. He noted that gold recently closed above $4,000 and silver rose more than 4% to over $50, both hitting record weekly highs.

However, many in the crypto community disagree with Schiff. They argue that price corrections are normal as the market matures. Supporters believe that the long-term outlook for bitcoin and ethereum remains strong due to factors like institutional adoption, blockchain innovation, and real-world use cases.

Despite short-term volatility, crypto advocates say bitcoin and ethereum continue to show resilience and play an important role in the global financial system.