Economist and well-known cryptocurrency skeptic Peter Schiff has once again expressed a negative outlook on Bitcoin (BTC). 

In a social media post on Tuesday, August 26, Schiff warned that the “digital gold” could fall as low as $75,000.

The financial commentator further urged investors to exit positions now and re-enter at lower levels, arguing in the comments that “selling now and buying back lower beats just riding it all the way down.”

“Bitcoin just dropped below $109K, down 13% from its high less than two weeks ago. Given all the hype and corporate buying, this weakness should be cause for concern. At a minimum, a decline to about $75K is in play, just below MSTR’s average cost. Sell now and buy back lower.” — Peter Schiff

Bitcoin slips further

The warning comes as Bitcoin slipped below $109,000 on Monday, August 25, marking a 13% decline from its peak less than two weeks ago. 

Meanwhile, Michael Saylor’s Strategy (NASDAQ: MSTR) disclosed the purchase of 3,081 BTC, worth nearly $357 million, at an average price of $115,829, bringing its total holdings to about $69.6 billion. 

Schiff suggested that Bitcoin’s downturn could soon push prices “just below MSTR’s average cost,” as recent volatility was fueled by a 24,000 BTC whale sale that triggered large liquidations across the market. 

“So where is all the selling coming from?” Schiff wrote, questioning Bitcoin’s long-term prospects.

Macro factors also remain in play. As Federal Reserve Chair Jerome Powell remarked during his Jackson Hole speech, labor market risks briefly lifted BTC by 4%, though the momentum quickly faded.

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