Peter Schiff is once again predicting catastrophe, warning that a looming bitcoin and ether crash will trigger bankruptcies and layoffs, even as gold takes center stage in his latest portrayal of financial reckoning.
Gold More Likely to Hit $1M Than Bitcoin, Says Schiff With Grim Outlook
Economist and gold advocate Peter Schiff intensified his criticism of last week, asserting that gold’s rally has exposed the cryptocurrency’s fragility as an investment. In a series of posts on social media platform X, the Euro Pacific Asset Management founder said ’s decade-long narrative as “digital gold” no longer holds up amid surging demand for physical bullion.
“Gold is the biggest threat to ,” Schiff declared on Oct. 19. “That’s why the entire crypto industry is now attacking it. hype worked when gold spent over a decade consolidating its prior gains. But now that gold is surging, there is no longer a reason for anyone to buy instead.” He shared a prediction on Oct. 17:
The losses that are about to hit the crypto industry will be staggering. Expect a wave of bankruptcies, defaults, and layoffs as the sector is decimated by the imminent and ether crash, which will obliterate the rest of the altcoin market. There is systemic risk as well.
Schiff argued that investors are rediscovering gold’s reliability as a hedge against inflation and instability, contending that ’s hype cycle has reached exhaustion. Earlier in the week, on Oct. 16, he claimed: “Gold is more likely to hit $1 million than .”
He also cautioned:
This bear market will be brutal … If you think this bear market is nearing its end, think again!
“HODLers, sell your fool’s gold now and buy the real thing, or have fun going broke,” Schiff advised. On Oct. 15, he opined: “It’s more likely that ’s failure to rise with gold means the party is over. Instead of a catch-up boom, expect a belated bust.” Over the years, Schiff has frequently compared the two assets, consistently slamming as inferior to gold.
Despite Schiff’s ongoing criticism, proponents argue that his analysis overlooks the cryptocurrency’s structural advantages, including its fixed supply, portability, and independence from centralized control. They maintain that gold’s short-term dominance does not negate ’s broader role as a hedge against fiat devaluation and policy-driven inflation. Supporters also highlight that historical downturns have often preceded major rallies, suggesting that predictions of ’s demise may once again underestimate its long-term resilience.
FAQ 🧭
- Why is gold’s surge seen as a threat to bitcoin? Gold’s recent price rally has reignited interest as a traditional inflation hedge, challenging ’s digital gold narrative among investors.
- What are Peter Schiff’s main criticisms of bitcoin? Schiff argues is hype-driven, structurally weak, and vulnerable to an imminent market collapse that could lead to widespread crypto bankruptcies.
- How do bitcoin supporters respond to Schiff’s claims? advocates highlight its fixed supply, decentralization, and historical resilience, maintaining confidence in its long-term value.
- Is the crypto bear market near the end? Schiff insists it’s far from over, while many in the camp believe past bear markets have paved the way for explosive future rallies.
Author: Kevin Helms
Source: Bitcoin
Reviewed By: Editorial Team
