Peter Schiff, a gold advocate and Bitcoin critic, has once again made headlines with his stark warning that the BTC price will never rise from the current slump. His claim stems from the Bitcoin price’s failure to keep pace with gold and silver, both of which have now seen record surges. According to him, this trend is a clear indication of the weakness of the cryptocurrency compared to precious metals.
Peter Schiff Sounds Alarm: Is Bitcoin Price Headed for Another Crash?
Earlier today, crypto critic Peter Schiff took to X to share a stark warning to Bitcoin investors, predicting the downfall of the cryptocurrency. He attributes the Bitcoin price’s prevailing downturn to its inherent lack of value, citing that its sustained negative trend, in contrast to gold and silver.
Significantly, Peter Schiff’s scathing criticism presents a dull picture for Bitcoin’s future. He asserts that the cryptocurrency is trapped in a downward path, from which it cannot escape. The critic argues that the crypto’s inability to capitalize on the growing demand for stocks and precious metals indicates its further collapse.
This prediction reiterates his skeptical approach to BTC and cryptocurrencies. Recently, Schiff forecasted the Bitcoin price crash in contrast to the rise of gold and silver.
His latest X post reads,
“If Bitcoin won’t go up when tech stocks rise, and it won’t go up when gold and silver rise, when will it go up? The answer is: it won’t. The Bitcoin trade is over. The suckers are all in. If Bitcoin won’t go up, it can only go down. If HODLers are lucky it won’t be a slow death.”
“Much Worse” Four Years for Bitcoin
In his previous thread, Peter Schiff posited that the Bitcoin price is poised to face its worst time in the next four years. Pointing out the crypto’s current struggle to overcome its bearish sentiment, he argued that the “digital gold” thesis has proven wrong.
Recently, Schiff has been gaining attention for his prediction of an extended downtrend in BTC. He wrote on X, “As bad as the past four years have been for Bitcoin priced in gold, the next four will be much worse.” He added,
“I don’t believe Bitcoin has decoupled from other risk assets. It just doesn’t rally as much when they rise, and it declines much more when they fall. What should be obvious by now is that it’s not digital gold. If gold goes way up, there is no reason to expect Bitcoin to follow.”
Notably, Peter Schiff’s statement is considered more than a mere criticism, but a stark warning, as many industry experts have already sounded the alarm. For instance, veteran trader Peter Brandt predicted Bitcoin’s sustained downtrend, citing historical patterns. As CoinGape reported yesterday, Brandt explained that BTC is poised to experience an 80% decline in this cycle, as it has experienced a parabolic advance earlier this year.