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Peter Schiff Says Wall Street's Bitcoin Bulls 'Won't Put Money Where Their Mouth Is, Cites Strategy's Widening Discount
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Key points
◆ Schiff said Wall Street banks tout bullish Bitcoin targets but never back them with capital, accusing them of staying bullish to keep crypto clients happy.
+ He cited year-end targets from Citigroup, Standard Chartered, Bernstein, JPMorgan and Fundstrat, even as Bitcoin trades down 27% year-to-date.
+ Schiff flagged Strategy's near-40% discount to its Bitcoin holdings and its STRC preferred shares yielding 13.7% as signs investors doubt the dividend is safe.
Financial commentator and longtime Bitcoin (BTC) critic Peter Schiff put forward a core criticism on Saturday,saying that mainstream Wall Street financial institutions publicly advocate bullish views on Bitcoin but have never backed their predictions with their own capital.
"They don't believe their own bu***hit," Schiff said on his podcast on Sunday, arguing banks stay bullish publicly to avoid alienating cryptocurrency clients, and do not actually support the predictions they put forward.
Schiff noted that by the end of the year, Citigroup (C) saw Bitcoin reaching around $82,000, Standard Chartered saw Bitcoin's price reaching $100,000, Bernstein set a prediction at $150,000, JPMorgan (JPM) at $170,000, and Fundstrat predicted $200,000 to $250,000 in 2025.
None of the five banks' or research firms' balance sheets holds Bitcoin. Instead of Bitcoin positions, Citigroup, Standard Chartered, and JPMorganhave custody services, trading desks, and blockchain infrastructure.
Bitcoin price has been down over 27% year-to-date, trading at $64,062. In the last 24 hours, the apex cryptocurrency has been down 0.2%. On Stocktwits, retail sentiment around BTC remained in the 'neutral' zone, while chatter shifted to 'low' from the 'normal' levels over the past day.
Strategy's Widening Discount As Proof
Strategy's common stock MSTR dropped 1.7% for the week, while Bitcoin rose around 3%, reducing the stock's trading discount to its Bitcoin holdings to almost 40%, he said. "The gap means Strategy can't sell more common stock to fund more Bitcoin purchases," Schiff said.
Schiff also pointed out Strategy's preferred shares (STRC), which ended the week at $87.48 for a 13.7% yield.The high yield indicates that investors don't expect Bitcoin to maintain enough of a gain to cover the stock's dividend, he said. "They expect it to be cut," Schiff said of the STRC dividend.
Schiff also said that Bitcoin has decoupled from gold and tech stocks on the way up, but said the asset would fall in tandem with tech stocks in a broader downturn.
Strategy's Bitcoin Sales Fuel Schiff's Skepticism
Schiff, who is CEO and Chief Global Strategist of Euro Pacific Capital, has been one of Strategy's biggest naysayers. His comments have intensified after Michael Saylor, Strategy's executive chairman, revealed that the company sold Bitcoin. Saylor has been a long-time proponent of the asset and had previously asked his followers to 'never sell Bitcoin, but the company sold around $230.3 million in total. Last month, Strategy also announced that it could sell moreBitcoin to pay for dividends on STRC and use it to replenish its cash reserve or fund buybacks
$BTC
Aa

Many traders believe the market moves randomly, but the truth is that financial institutions target areas where stop-loss orders accumulate before the real move begins.
The image shows one of the most important strategies of Smart Money Concept (SMC) for understanding the movement of liquidity.
1️⃣ Liquidity aggregation
First, look for clear peaks and troughs or areas where stop-loss orders are expected to be placed.

🟢 #Bitcoin continues to trade with strong momentum as buyers defend key support.
The overall trend remains positive, and if BTC breaks above the next resistance level, the market could see another strong #bullish move.
📊 Quick Highlights 🔹 Trend: Bullish (Watch for Confirmation) 📈 Strong buying momentum 💪 Key support remains intact 🚀 Breakout above resistance could trigger the next rally ⚠️ Short-term volatility is expected
💡 My View #Bitcoin remains the leader of the crypto market. If buying volume continues to increase and resistance is broken, $BTC could extend its upward trend. Always wait for confirmation before entering a trade.$BTC
⚠️ Reminder: #Crypto markets are highly volatile. Manage your risk and always #DYOR before investing.
#Bitcoin $BTC #BTCUSD

Bitcoin (BTCUSD) has been trading since 2025 on a similar Head and Shoulders (H&S) pattern as 2021 - 2022. That market technically the last year of the Bull Cycle and the entirety of the Bear Cycle.
As you can see, the symmetry between the two H&S patterns is very high, hitting key MA Support and Resistance levels around the same time. Right now (July 2026) it appears that we are on the exact same position as July 2022, having broken blow the 1W MA200 (orange trend-line) and trading around it.
As mentioned multiple times in past analyses, the 2022 Bear Cycle bottomed exactly on its 1W MA350 (red trend-line). For that reason, it is our minimum estimated Target for this Cycle bottom. This is why we expect at least $50000.
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