Peter Schiff laughs: “Gold and silver send Bitcoin plummeting”

INFBusiness
04.09.2025
News

Since 2013, US economist and investor Peter Schiff has repeatedly warned of the final bursting of the Bitcoin bubble. Whether it's “tulip mania” or “worthless digital hamburgers,” the old-school gold bug has no shortage of metaphors.
The recent developments in Bitcoin on the one hand, and gold and silver on the other, are now adding fuel to the fire for this self-proclaimed precious metals fan (and trader). Was he right all along?
At the time of writing, the leading cryptocurrency is trading at $110,900, about 11 percent below its all-time high. Gold, on the other hand, broke through the $3,500 mark for the first time and is currently benefiting primarily from fears of a renewed rise in the US inflation rate.
Silver has also recently seen significant price gains. Within three months, the “little man's gold” has risen by more than 18 percent to $40.80. This situation is reminiscent of Ethereum's run up against Bitcoin since the end of June.
Peter Schiff is certain: “A breakout of gold and silver is very bearish for Bitcoin.” Apparently, he does not believe that “digital gold” could also benefit from an easing of monetary policy by the Federal Reserve in September.
“Bitcoin will fall below $75,000,” the dedicated BTC permabear even warned last week. Accordingly, Schiff advised investors to sell BTC now and re-enter later at lower prices.
However, the long-term trend contradicts his gloomy Bitcoin predictions. Investors last received a whole Bitcoin for an ounce of gold in spring 2017. Despite gold's surge, it now takes 31 ounces of gold to purchase 1 BTC.
But Peter Schiff isn't fazed. In the long run, he still seems confident in his Bitcoin prediction from March 2021: “While a temporary rise to $100,000 is possible, a permanent decline to zero is inevitable.”

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