In a notable exchange, the Bitcoin skeptic argued that holders’ belief could erode Bitcoin’s value if belief dissipates, suggesting the price is driven by sentiment more than utility.

Another line of the discussion echoed the claim that Bitcoin’s price is tied to belief or demand rather than intrinsic utility, warning that a collapse in belief could drive the price to zero.

Contextually, Bitcoin had previously reached an all-time high near $126,198 on October 6 before the current downturn.

The piece centers on a clash between skeptics and supporters over fundamental value and utility, featuring direct quotes and social-media exchanges.

Peter Schiff, a vocal Bitcoin critic, commented on the price drop via X, drawing attention from the Bitcoin community and stirring debate with supporters.

Bitcoin’s price slid to an intraday low around $85,595 (near $85,842) as risk-off sentiment weighed, marking about a 6% drop in 24 hours.

The debate juxtaposed Bitcoin against gold on value drivers, with Schiff arguing Bitcoin lacks utility and that value is subjective, while gold has objective utility.