Economist Peter Schiff stated on Monday that he regrets not buying Bitcoin when he first learned about the cryptocurrency, but he maintains there is “not a chance” he will purchase it now, even if the price falls to $20,000. Schiff’s comments reflect his persistent view that Bitcoin is overvalued and that investors who fail to sell above $60,000 will soon regret holding the asset.

In an X post, Schiff contrasted the early fear of missing out (FOMO) with what he perceives as a strategic error of holding the asset for too long. “Many people, myself included, regret not buying Bitcoin when they first learned about it,” he said. “Soon, more people will regret not selling Bitcoin above $60,000 when they had the chance.”

This is not the first time Schiff has acknowledged missing out on potential Bitcoin profits. In an interview in March 2024, he wished he had bought the world’s largest cryptocurrency back in 2010 given the profit potential. However, when asked if he would buy at current lower levels, he clarified, “Not a chance,” adding that $20,000 is “way too much to pay for nothing.”

Schiff also addressed accusations from some Bitcoin enthusiasts who claim he secretly holds the cryptocurrency, a charge he promptly denied. His remarks align with his history of declaring Bitcoin “dead” on multiple occasions, while aggressively promoting gold as the ultimate safe-haven asset.

Despite Schiff’s criticism, Bitcoin’s long-term performance significantly outpaces gold, though it has lagged over the past year. The following table compares the gains of Bitcoin and Spot Gold over different periods:

At the time of writing, BTC was exchanging hands at $62,521.08, down 0.27% in the last 24 hours.

Leading cryptocurrencies declined alongside stocks on Monday after President Donald Trump proposed full U.S. control over the Strait of Hormuz and a reimbursement fee on all cargo passing through. The market downturn resulted in over $360 million in liquidations, predominantly from bullish long positions, according to Coinglass data. Bitcoin fell below $62,000 as trading volume doubled over the last 24 hours to $37.15 billion, while Ethereum experienced high volatility, fluctuating between a low of $1,749.35 and a high of $1,812.94.

Market Performance

The following table details the performance of major cryptocurrencies at 9:15 p.m. EDT:

Bitcoin’s open interest rose 2.24% over the last 24 hours. An increase in open interest combined with a price decrease indicates a short build-up, meaning new traders are actively shorting the asset. "Extreme Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Stock Market Impact

Stocks ended in the red on Monday. The Dow Jones Industrial Average slid 138.37 points, or 0.26%, to close at 52,498.64. The S&P 500 lost 0.79% to end at 7,515.34, while the tech-heavy Nasdaq Composite dipped 1.55% to finish at 25,873.18. Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ: MSTR) and Bitmine Immersion Technologies Inc. (NYSE: BMNR) closing down 2.68% and 2.47%, respectively.

Geopolitical Tensions

Tensions worsened after Trump reinstated the blockade of Iranian ships passing through the Strait of Hormuz. He stated that the U.S. is considering taking control of the critical oil shipping point permanently in exchange for a 20% fee on cargo. This development contributed to the broader risk-off sentiment observed in both equity and cryptocurrency markets.

Whale Accumulation

Despite the price dip, Ali Martinez, a cryptocurrency analyst, highlighted that Bitcoin’s Accumulation Trend Score has stayed near 1 since June. "A reading near 1 suggests that whales—or a large share of the network—are actively accumulating Bitcoin," the analyst noted. On-chain analytics firm Santiment reported that the top 100 Tether (CRYPTO: USDT) holders control 0.6% less of the supply than three months ago, while the top 100 USDC (CRYPTO: USDC) holders are down 4.7%. "A healthier distribution of USDT and USDC can make crypto markets more resilient," Santiment added.