As the price of gold and silver continues to shine green while Bitcoin is in a “sea of red,” Peter Schiff is back to doing what brings him the most popularity — reminding crypto investors that confidence can disappear faster than price charts can be updated.
Gold is now trading above $4,300 per ounce, and silver is approaching $65. Meanwhile, Bitcoin is moving in the opposite direction, drifting below the $89,000 area after failing to hold recent highs.
It is no surprise that the longtime Bitcoin critic used the metals rally to pinpoint his critique, arguing that assets with physical demand and a monetary history are being accumulated, while Bitcoin remains trapped in a cycle of belief, attention and fragile liquidity.
Perhaps the most eye-catching line from Schiff was that Bitcoin holders risk going broke overnight if sentiment flips and buyers disappear.
Bitcoin short-term fraud, warns Schiff
At the same time, Schiff strongly rejected the idea that time protects Bitcoin investors. He argued that time only increases exposure because the cryptocurrency produces no yield, has no industrial use and has no fallback value once confidence is lost.
According to him, gold and silver do not need stories to survive. They rely on demand that persists even when headlines fade.
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Bitcoin supporters continue to dismiss Schiff as permanently bearish, pointing to long-term adoption, digital scarcity and past recoveries from deep drawdowns. They view the current weakness as just another pause in a major cycle rather than a structural problem.
Fair to say, Schiff’s argument is not about slow decay. It is about speed, and If Bitcoin stumbles again, his “overnight” warning will not sound so theoretical.