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Key Takeaways
- Peter Schiff reiterated his view that Bitcoin lacks fundamental value.
- Schiff used recent market turbulence to promote gold and silver.
- Technical analysis suggests Bitcoin may still face one final leg lower.
Gold advocate and longtime Bitcoin critic Peter Schiff has issued a stark warning that BTC and its holders will have lost a significant amount of money within a decade, as the market slid sharply over the weekend.
Schiff’s comments follow years of criticism aimed at Bitcoin, reiterating his view that the asset lacks fundamental value and is driven entirely by speculative excess.
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Schiff Claims Bitcoin Holders Will Be Wiped Out
In a series of posts on X over the weekend, Schiff argued that investors underestimate the risks associated with Bitcoin while overestimating its long-term prospects.
“Bitcoin HODLers not only believe they can’t lose on Bitcoin, but that extraordinary gains are guaranteed so long as they ride out the volatility,” Schiff wrote.
“When such an overwhelming consensus develops, markets tend to confound expectations by doing the opposite of what the crowd expects.”
Schiff has repeatedly maintained that Bitcoin’s price is sustained by belief rather than utility, contrasting it with precious metals.
In response to someone claiming they would return in ten years to prove him wrong, Schiff replied:
“Most likely, you will have lost a lot of money by then. But I promise not to rub salt in your wound,” he added.
Pushing Gold
Schiff used the recent market volatility to reiterate his bullish stance on gold, arguing that the metal is benefiting from growing investor demand.
In recent posts on X, Schiff said a rally in precious metals was already underway, pointing to early gains in both gold and silver as Asian markets opened.
“Like I posted yesterday, the Sunday night rally has already started. Gold is up over $20, and silver is up over $0.40,” Schiff wrote, adding that a larger move could follow.
“A much bigger rally is coming.”
He said gold’s advance had extended further, noting that prices were up more than $25, while silver had gained over 70 cents.
“It’s also not too late to sell some Bitcoin to pay for it,” he wrote.
Schiff has long contended that gold’s physical backing distinguishes it through intrinsic value, unlike digital assets.
Debate With CZ
Schiff’s latest remarks follow a recent public debate with Binance founder Changpeng Zhao (CZ), where Schiff launched a renewed attack on Bitcoin’s fundamentals.
“What makes Bitcoin worthless, as far as I’m concerned, is not the fact that I can’t touch it,” Schiff said.
“It’s that you can’t do anything with it. It doesn’t have utility beyond the fact that… I can transfer it to you, and you can transfer it to somebody else.”
He contrasted Bitcoin with tokenized gold, arguing that digital representations of physical assets retain real-world backing.
“When I transfer tokenized gold to you, I’ve transferred gold. I’ve transferred the ownership of the gold,” Schiff said.
While the debate remained lighthearted, Schiff repeatedly likened Bitcoin to a mass speculative scheme.
“More people are gambling in Bitcoin today than were gambling in it a couple of years ago,” he said, later accusing CZ of running “a pretty big casino.”
Bitcoin Has Lower to Go
Technical indicators suggest Bitcoin’s recent sell-off may not yet be complete, with analysts warning that the cryptocurrency could be entering the final phase of a broader downward cycle.
According to analysis by Valdrin Tahiri, a market analyst at CCN, Bitcoin has been tracing a five-wave decline since reaching its all-time high.
If the wave count is correct, the recent rebound represents a completed fourth wave, leaving a fifth and final leg lower now underway.
“The most likely target for its conclusion is between $70,100 and $72,000,” Tahiri wrote.
Bitcoin’s failure to reclaim the $91,500 resistance level has shifted market structure decisively in favour of sellers, he said.
Tahiri noted that once Bitcoin reaches that level, a sharp rebound could follow, though he warned that downside risk remains dominant until the pattern is completed.
“Until key resistance is reclaimed, the path of least resistance remains down,” he wrote.
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