Economist and longtime gold advocate Peter Schiff has renewed his bearish outlook on cryptocurrencies, warning that both Bitcoin and Ethereum are far from bottoming out. In a series of posts on social media platform X on October 11, Schiff pointed out that Bitcoin had slipped below $110,000 and Ethereum had fallen under $3,700, signaling further downside potential.
Bitcoin Could Sink to $75K
“Crypto carnage continues,” Schiff wrote. He warned that if Ethereum breaks the $3,350 level, it could crash to around $1,500 — nearly 70% below its all-time high. In such a scenario, Bitcoin might tumble to approximately $75,000, a 40% decline from its peak, which would wipe out all paper gains from MicroStrategy (MSTR). On October 10, Schiff advised: “As bad as Bitcoin looks, Ethereum looks even worse … Get out now!”
Gold and Silver Shine Amid Crypto Turmoil
In contrast, Schiff highlighted the strength of precious metals. Gold recently closed above $4,000, while silver surged over 4% past $50 — both marking record weekly closes. He argued that this divergence validates his view that gold and silver, not digital currencies, serve as reliable stores of value.
Supporters Remain Bullish on Long-Term Fundamentals
Despite Schiff’s dire predictions, crypto proponents argue that such corrections are typical in maturing markets. They point to ongoing institutional adoption, blockchain development, and growing real-world use cases as evidence that the long-term outlook remains strong. They acknowledge short-term volatility but emphasize that Bitcoin and Ethereum have repeatedly demonstrated resilience and technological significance within the global financial landscape.
For now, traders are closely watching the key support levels: Ethereum at $3,350 and Bitcoin near $110,000. If those thresholds break, Schiff’s worst-case scenario could quickly materialize.