Peter Schiff Revives Bitcoin Doom Call, One Of 20 On Record – His Fourth This Year Alone

Schiff reiterated his long-standing view that Bitcoin lacks intrinsic value and is vulnerable to prolonged declines.

• Schiff’s comments came as crypto markets are in a downtrend, with Bitcoin struggling to regain momentum.
• Data from Bitcoin Deaths shows Schiff has declared Bitcoin “dead” at least 20 times since 2010.
• Schiff contrasted Bitcoin’s recent performance with gains in gold and silver, arguing capital is rotating back to traditional stores of value.

Gold bull and longtime Bitcoin (BTC) critic Peter Schiff said Tuesday that the “Bitcoin trade is over,” repeating a claim he has made at least four other times this year.

Schiff ranks as the most frequent Bitcoin skeptic tracked by Bitcoin Deaths, a website that has logged declarations of Bitcoin's “dead” from critics, economists, and financial executives since 2010. He has predicted Bitcoin’s death at least 20 times overall, according to the tracker. Others listed include Steve Hanke, Warren Buffett, Nouriel Roubini, and JPMorgan CEO Jamie Dimon.

Bitcoin’s price slipped below $87,000 on Wednesday morning, down 0.8% in the last 24 hours. On Stocktwits, retail sentiment around the apex cryptocurrency trended in ‘extremely bearish’ territory over the past day, with chatter at ‘normal’ levels.

Schiff Repeats Claim During Market Divergence

In a post on X, Schiff argued that Bitcoin’s recent price action undermines its investment case. He pointed to periods when technology stocks, gold, and silver have risen without a corresponding move higher in Bitcoin.

“If Bitcoin won’t go up when tech stocks rise, and it won’t go up when gold and silver rise, when will it go up?” Schiff wrote. “The answer is: it won’t. The Bitcoin trade is over.”

Bitcoin To Struggle For Next Four Years

In another X post, he said Bitcoin’s performance measured against gold has deteriorated significantly since its last major peak.

“With gold closing in on $4,500 and Bitcoin struggling to hold $87K, Bitcoin is now down 46% priced in gold from its Nov. 2021 high,” Schiff wrote. He added that Michael Saylor’s Strategy (MSTR) began accumulating Bitcoin roughly a year before that peak, amplifying what he described as poor relative performance. MSTR’s stock is down over 47% this year, while Bitcoin’s price has fallen nearly 7%. 

“As bad as the past four years have been for Bitcoin priced in gold, the next four will be much worse,” he said.

Despite the bearish outlook, Schiff recently ran a poll asking participants how they would allocate a hypothetical $100,000 investment. Respondents were required to choose between Bitcoin, gold, or silver, with the full amount locked until Dec. 19, 2028, and no option to exit early. Bitcoin led the poll, drawing 63% of responses, outpacing both gold and silver. 

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