Economist Peter Schiff is having a moment. The long-time Bitcoin skeptic took to X on Wednesday to declare that things would get "far worse" for Bitcoin (BTC) once it slips below $88,000, and honestly, he's not hiding his satisfaction about it.

When the Champagne Goes Flat

Schiff pointed out that Bitcoin has tumbled nearly 30% from its dollar high and a painful 42% from its peak when priced in gold. Remember those $100,000 Bitcoin parties from a year ago? Schiff does. "How many people popping champagne corks at Bitcoin $100,000 parties a year ago expected 2025 to be this bad?" he asked, in what looked like a pointed jab at Bitcoin bull Michael Saylor.

The economist warned that if Bitcoin breaks below $88,000, serious problems await. And 2026? That "could be far worse," according to Schiff's forecast.

The Long Game Looks Different

Bitcoin is definitely going through it right now. The cryptocurrency has wiped out all its 2025 gains in the current downturn. But Bitcoin advocates aren't conceding defeat just yet.

Cryptocurrency analyst and author Adam Livingston fired back at Schiff's victory lap. "Imagine doing a victory lap with one good year after getting SMACKED by Bitcoin for over a decade straight," he said, backing it up with data showing how BTC has crushed both gold and the S&P 500 in compound annual growth rate over the longer term.

Earlier this week, Schiff had argued that Bitcoin's reputation as the best-performing asset "no longer holds true" in 2025. He also took aim at Strategy Inc. (MSTR), which many investors treat as a Bitcoin proxy, noting it's down 35% in 2025 and trading 65% below its November 2024 peak.

The Bullish Counterpoint

Not everyone's reading from Schiff's bearish playbook. Gemini Space Station Inc. (GEMI) founder Cameron Winklevoss struck an optimistic tone, declaring this the "last" chance to buy BTC below $90,000.

So who's right? That's the multi-billion dollar question. Schiff sees a cryptocurrency finally coming back to earth. Bitcoin believers see a temporary setback in an asset that's outperformed traditional investments over any reasonable timeframe. The truth, as usual in markets, probably won't reveal itself until we're all looking back with the benefit of hindsight.