- According to Peter Schiff, $10,000 could be a structural level of support for Bitcoin.
- During a recession, Michael Saylor’s debt refinance strategy attracts market attention.
- While gold’s price remains relatively stable, Bitcoin is trading close to $66,000.
Peter Schiff reignited his long-standing criticism of Bitcoin on Wednesday as the asset traded approximately at $66,214.78, according to CoinMarketCap. He said long-term charts suggest initial support near $10,000. Schiff also mocked MicroStrategy executive chairman Michael Saylor’s plan to refinance debt to keep buying Bitcoin if prices fall to $8,000. His remarks come as Bitcoin remains sharply below its $126,000 record high from October and as volatility continues to pressure crypto-linked equities.
Schiff Questions Saylor’s Debt Strategy
Schiff posted on X that Bitcoin appears to show support around $10,000 when viewed on a long-term chart. He paired that view with criticism of Saylor’s public commitment to refinance corporate debt in order to continue accumulating Bitcoin during downturns.
He asked whether anyone would still take Saylor or Bitcoin seriously if the cryptocurrency traded at $8,000 in 2030. That level would mark a 94% decline from Bitcoin’s record high above $126,000 and about 60% below its 2017 peak.
His comments revived the long-running “Gold vs. Bitcoin” debate. On February 11, Schiff noted that Bitcoin had fallen below $66,000 and was worth less than 13 ounces of gold. He added that Bitcoin trades roughly 64% below its November 2021 peak when measured against gold.
Market Data and Retail Reaction
Bitcoin traded at $66,214.78 on CoinMarketCap, reflecting a 1.2% drop over 24 hours. During the session, it climbed above $68,000 before reversing and sliding toward $65,000 in the evening. The chart showed a sharp sell-off around 6:00 PM, followed by a gradual recovery into early February 13.
Market capitalization stood at $1.32 trillion, also down 1.2%. Meanwhile, 24-hour trading volume reached $44.27 billion, a 10.93% decline. The volume-to-market-cap ratio measured 3.36%, while the fully diluted valuation registered at $1.39 trillion.
Year to date, Bitcoin has fallen nearly 23%. Strategy’s stock has declined about 18% over the same period. Still, shares rose 1.21% in pre-market trading, while Stocktwits data showed retail sentiment shifting to “bullish” from “neutral,” even as chatter eased from “extremely high” to “high.”
Related: CZ Takes Down Peter Schiff’s Bitcoin Claims in Fiery Debate
Gold Comparison and Broader Debate
Schiff argued that gold’s relative stability strengthens its case against digital assets. Gold remained above $5,000 per ounce, while Bitcoin struggled to regain firm momentum near $67,000.
He stated, “People who sold gold to buy Bitcoin made a huge mistake. The longer they wait to correct it, the more costly it becomes.” His remarks sparked strong reactions online.
Some crypto supporters rejected the comparison. One X user wrote, “Bitcoin and gold serve different roles in portfolios; it is not always a zero-sum choice.” The exchange kept the debate active across social platforms.
The discussion extends beyond social media. It touches corporate balance sheets and debt markets. Proponents of Saylor’s approach argue that long-term strategies can endure downturns. Critics warn that heavy leverage without hedging can amplify downside risk when sentiment shifts. The dispute now plays out in stock prices, refinancing plans, and short interest tied to Strategy’s Bitcoin exposure.
What happens if Bitcoin’s long-term support truly sits near $10,000?
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