Longtime Bitcoin critic and gold advocate Peter Schiff has issued a new warning, claiming “Americans will be the biggest losers” when the “crypto bubble” bursts. In a , he warned that Bitcoin holders could soon face devastating losses if the price falls below the critical $100,000 mark.
Longtime Bitcoin critic and gold advocate Peter Schiff has issued a new warning, claiming “Americans will be the biggest losers” when the “crypto bubble” bursts. In a , he warned that Bitcoin holders could soon face devastating losses if the price falls below the critical $100,000 mark.
According to Schiff, the “time to get out is running out fast,” adding that once the $100K support “breaks in earnest, the market will likely implode.” He urged holders to convert their Bitcoin into gold, describing the crypto asset as “fool’s gold.”
Schiff’s latest comments continue his years-long campaign against Bitcoin, even as the digital asset has appreciated from under $100 a decade ago to well over $100,000 today.
Despite multiple bull markets and widespread institutional adoption, the Euro Pacific Capital founder maintains that Bitcoin’s value is based purely on speculation and herd psychology rather than intrinsic worth.
He has repeatedly predicted that the so-called “crypto bubble” will eventually burst, wiping out trillions in investor wealth. This latest warning implies that Schiff sees the current consolidation around the $100K mark as a prelude to a major downturn.
In a on Wednesdays, Schiff claimed that American investors will be the “biggest losers” when the crypto bubble bursts, given their disproportionate exposure to digital assets through trading platforms, ETFs, and tech-driven investment portfolios.
“Trump vowed to make the U.S. the world leader in crypto. Unfortunately, we already are. That means the U.S. economy will be hit the hardest by the bursting of the crypto bubble,” he wrote.
Schiff believes that Bitcoin’s decline could trigger a ripple effect through retail portfolios and crypto-linked companies. He also contends that gold will reclaim its place as the ultimate store of value during a potential market collapse, citing rising global demand and record-high prices above $4,300 per ounce.
As usual, Schiff’s pessimistic forecast has been met with ridicule from the crypto community. Bitcoin advocates argue that such warnings have been issued since the asset traded at $100, $1,000, and $10,000—each time proving Schiff wrong.
Figures like Charles Hoskinson and CZ, the former Binance CEO, have previously countered Schiff’s narrative, emphasizing that Bitcoin’s value, like gold’s, is rooted in collective belief, not industrial use.
Despite Schiff’s warnings, many analysts remain confident in Bitcoin’s long-term trajectory, viewing the current pullback as part of its cyclical correction phase.
