Peter Schiff, the biggest Bitcoin skeptic around, is probably having a field day as Bitcoin continues to bleed and drag down the whole crypto market, while gold and silver are causing massive FOMO around the world. In fact, people are queuing up to buy them all across the globe.
Having not stopped cheering at the prospect of gold reaching $6,000 by Christmas, he has gone on to make one of the gloomiest and most pessimistic projections regarding crypto in his latest posts.
Schiff warned that the sector is facing a wave of bankruptcies, defaults and layoffs as Bitcoin and Ether crash. He described this as a chain reaction that will not only bruise traders but also obliterate the entire altcoin market, leaving no safety net for holders of speculative tokens.
The prediction fits with his long-held skepticism that digital assets are nothing more than bubbles waiting to burst. Now, with gold outperforming nearly every major index, he sees evidence mounting in his favor.
Not normal
Highlighting that Bitcoin has already fallen by more than 30% against gold since its August peak, Schiff argues that this is not just a normal market correction but a sign of deep structural weakness. In his words, anyone who believes the bearish trend is almost over is deluding themselves.
Schiff also mocked Bitcoin advocates celebrating adoption, suggesting that a more accurate title for the new bestseller “Bitcoin is for Everyone” would be Bitcoin Isn’t for Anyone.
With gold and silver hitting new highs, Schiff says this shows real value lies with real value. His forecast for altcoin holders is bleak – crypto winter is far from over.
