The value of Bitcoin is experiencing significant fluctuations today, oscillating between $67,000 and $65,000. While cryptocurrency advocates like Michael Saylor express unprecedented optimism, long-time critic Peter Schiff has reiterated his skeptical views in a recent post on X.
What makes Schiff’s latest comments intriguing is his acknowledgment of having underestimated the volume of “naive” investors eager to purchase Bitcoin. With a hint of sarcasm, he expressed a wish that he had been “clever enough” to foresee the extent of greed and fear surrounding this digital asset.
Peter Schiff’s $126K Error and the Triumph of “Naive Money”
It’s crucial to highlight that the former banker still maintains his belief that Bitcoin lacks inherent value. He admits, however, that he miscalculated the level of speculative interest driving its price from as low as $1—when he first encountered BTC—to an astonishing peak near $126,198.
According to Schiff, it was those early adopters who ignited a surge in prices compelling even skeptics to rethink their positions. This created a feedback loop driven by escalating prices and investor sentiment.
I wish I had been astute enough to recognize how many individuals would be foolish enough to invest in Bitcoin when I first came across it. Because so many acted unwisely, its price skyrocketed high enough for others who considered themselves savvy also felt compelled to buy in. Then greed and FOMO took over.
— Peter Schiff (@PeterSchiff) February 19, 2026
If one were inclined to debate with Schiff’s perspective, they might point out that despite numerous corrections exceeding 70%, Bitcoin has now made its way into spot exchange-traded funds within the United States alongside deep derivatives markets such as CME—features absent during earlier years when criticism was prevalent.
As we reach mid-February 2026, Bitcoin continues its sideways movement between $71K and $60K following an earlier sell-off this month. Given these current market dynamics, it’s clear that skepticism towards Bitcoin—and thus criticism from figures like Schiff—is more prevalent now than during previous surges in value.