Economist and long-time gold advocate Peter Schiff has intensified his warnings about the cryptocurrency market, predicting an imminent crash for Bitcoin and Ether that could trigger staggering losses, bankruptcies, defaults, and layoffs across the industry. In a series of posts on social media platform X, the Euro Pacific Asset Management founder argued that gold's recent rally has exposed Bitcoin's fragility as an investment, calling the crypto bear market far from over.
Gold's Surge vs. Bitcoin's Decline
Schiff declared on Oct. 19, 2025, that gold is the biggest threat to Bitcoin, noting that “Bitcoin 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 Bitcoin instead.” He earlier asserted 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 Bitcoin and ether crash, which will obliterate the rest of the altcoin market. There is systemic risk as well.”
Schiff advised HODLers to “sell your fool’s gold now and buy the real thing, or have fun going broke.” He also cautioned that this Bitcoin bear market will be brutal and warned investors not to expect a near-term recovery. On Oct. 16, he opined that gold is more likely to hit $1 million than Bitcoin, reinforcing his view that the precious metal remains a superior store of value.
Bitcoin Supporters Push Back
Despite Schiff's grim outlook, Bitcoin 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 Bitcoin'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 Bitcoin's demise may once again underestimate its long-term resilience.
While gold continues to trade around $2,000 per ounce, Bitcoin hovers near $30,000. The debate between “digital gold” and physical gold remains heated, with Schiff doubling down on his bearish stance and Bitcoin advocates pointing to its technological edge. The market will ultimately decide which asset prevails.