Peter Schiff Declares Long-Term Bear Market for Bitcoin

On November 13, 2026, economist Peter Schiff stated that Bitcoin is in a long-term bear market. The reason was the decline of BTC to approximately $68,000, below the November 2021 peak of around $69,000. The cryptocurrency lost about 7% in a day, but such a comparison alone does not determine a long-term trend.

Why Schiff Called the Market Bearish

In a post on X, Schiff urged investors to recall whether they expected five years ago that the price would again be below the 2021 peak. "Bitcoin is in a long-term bear market. The long-term trend is downward," he wrote. Schiff has long criticized BTC and advocates for gold.

However, after 2021, Bitcoin repeatedly reached new all-time highs. In October 2025, its price reached approximately $126,000. Therefore, the fall below the 2021 level reflects the depth of the current correction but does not prove a continuous decline over five years.

How Market Participants Responded to Schiff

Bitcoin podcaster Stefan Livera reminded that in November 2022, BTC also traded below the 2017 peak. At that time, quotes fell to about $15,600 against a maximum of around $20,000 five years earlier. Later, Bitcoin set new records. According to Livera, such comparisons can distort the market picture.

Why Schiff Criticized Strategy

The economist also commented on the buyback of Strategy shares by Michael Saylor. According to a report from November 9, the company acquired 1,036 BTC for $81.9 million and repurchased preferred shares of STRC for $188.3 million. For both operations, the company sold MSTR shares for $283.8 million. As of November 8, Strategy's reserves amounted to 850,364 BTC.

Schiff suggested that the buyback of STRC is necessary to maintain demand and the price of the shares. However, this is his assessment, not a conclusion from the financial statements. STRC are preferred shares with variable dividends. Their buyback does not prove a lack of demand and does not imply the sale of BTC.