Peter Schiff Doubles Down: Predicts Bitcoin Will Eventually Crash to Zero Amid U.S. Economic Crisis Fears

Gold advocate and outspoken Bitcoin critic Peter Schiff has once again reiterated his belief that Bitcoin’s value will ultimately fall to zero. In a recent discussion with cryptocurrency influencer Michael Jerome, better known as @notthreadguy, Schiff maintained his bearish stance, claiming that he has never been wrong about the long-term fate of the leading cryptocurrency. “I still think that it is eventually going to zero,” Schiff said, adding that his only misjudgment was “underestimating the gullibility of the public to buy it.”

Schiff acknowledged that early Bitcoin investors succeeded in “selling the story” effectively, persuading the masses to purchase what they “wanted to get rid of.” He continues to view Bitcoin as a “gigantic pump-and-dump,” emphasizing that its current market strength is built on hype rather than intrinsic value. The veteran economist and CEO of Euro Pacific Asset Management remains a staunch supporter of gold, highlighting that Bitcoin has dropped about 30% from its peak in gold terms, while the precious metal continues to hit new record highs.

According to 10x Research, sustained selling by long-time Bitcoin holders, or “O.G. whales,” has contributed to the asset’s struggle to stay above the $110,000 mark. Schiff warns that the crypto market’s instability is just a symptom of a larger financial crisis brewing in the United States. He predicts that the next major collapse will not stem from subprime mortgages like in 2008 but from the U.S. Treasury market itself. “There’s going to be a run on treasuries,” Schiff cautioned. “The world is not going to want to buy treasuries or own U.S. dollars.”

Schiff’s forecast underscores growing concerns among traditional investors about America’s debt crisis, further fueling the ongoing debate between gold and Bitcoin as safe-haven assets.