Bitcoin Holders Jumped From The ‘Frying Pan Into the Fire,’ Peter Schiff Says Amid Silver’s Record Run

In a post on X, the gold bull warned that Bitcoin is poised to become the first casualty of the gold and silver surge.

Gold bull Peter Schiff said on Tuesday that Bitcoin (BTC) is unlikely to withstand what he views as a gold-led shift now taking hold across global markets as the prices of silver hit another record high.

In a post on X, Schiff stated that a “Bitcoin crash” is likely to occur before the U.S. dollar nears a collapse. He said investors who bought Bitcoin as a hedge against dollar weakness are likely to be caught off guard. “This will surprise Bitcoin HODLers, who bought Bitcoin to protect themselves from a dollar crash. They jumped from the frying pan into the fire,” Schiff wrote.

Price Of Silver Hits Another Record High

Silver prices surged more than 4% on the day, climbing over $2.60 to trade above $66.50 on Tuesday night, marking a new record high. The iShares Silver Trust (SLV) gained 0.3% and was the top trending ticker on Stocktwits. Retail sentiment around the fund on the platform rose to ‘extremely bullish’ from ‘bullish’ territory over the past day.

Gold’s price also extended gains on Tuesday, rising 0.8% to around $4,338 an ounce. The SPDR Gold Shares ETF (GLD) edged 0.2% higher in after-hours trade, with retail sentiment around the fund trending in ‘bullish’ territory over the past day with ‘high’ levels of chatter. 

“Silver should hit $70 before year-end, while gold should make a new record high by the end of this week,” Schiff predicted. The price of silver has more than doubled in 2025. 

Meanwhile, Bitcoin’s price dipped back below $87,000 on Tuesday night after a brief recovery. The apex cryptocurrency has fallen more than 6% this year. On Stocktwits, retail sentiment around BTC remained in ‘extremely bearish’ territory over the past day, accompanied by ‘low’ levels of chatter.

Schiff Warns of Broader Economic Crisis

Schiff also stated that the U.S. economy is approaching “the biggest economic crisis of our lifetimes”. He argued that surging gold and silver prices signal deep stress in the financial system and will ultimately undermine confidence in the dollar and U.S. Treasuries.

According to Schiff, rising precious metal prices will translate into higher consumer prices, rising bond yields, and a sharp increase in unemployment. He has long maintained that inflationary pressures will prove difficult to contain once confidence in fiat currencies erodes and that Bitcoin is fated for failure.

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