Peter Schiff, an economist and gold advocate long known for his anti-Bitcoin views, is back on the scene in the wake of the crypto market’s plunge.
Schiff said that while Bitcoin’s drop below $100,000 was an expected development, the real crash occurred in Ethereum.
Mr. Schiff issued the following statement:
Bitcoin has finally fallen below $100,000. However, the real decline is occurring in ETH. Ethereum’s price is expected to drop below $3,000, marking a nearly 40% drop from its all-time high in August. ETH has wiped out all of its gains in 2025. Bitcoin will soon do the same.
Today’s collapse of the entire cryptocurrency market has revived the “bubble burst” theory long advocated by Peter Schiff. Schiff said the decline once again shows that Bitcoin cannot be a long-term store of value.
Bitcoin, which fell below $100,000 for the first time since June 23, has come under heavy selling pressure over the past 24 hours due to a market-wide liquidity crunch and the record-long U.S. government shutdown.
Schiff also added that Bitcoin is losing value to gold.
Bitcoin has lost a third of its value in gold terms since its peak last month. Two thirds remain. There is a negative correlation between gold and Bitcoin. So while Bitcoin is plummeting, gold is likely poised for a strong rally.
*This is not investment advice.
