Peter Schiff, a well-known economist notorious for his skepticism towards Bitcoin, has forecasted that the upcoming four years will be “significantly worse” for the top cryptocurrency. He asserts that the notion of “Bitcoin as Digital Gold” has officially collapsed.
Despite Bitcoin reaching a historical peak of $87,000 (when compared to its values in 2020 or 2023), Schiff contends that it has diminished in purchasing power against Gold.
He notes that Bitcoin’s value is down by 46% when measured against gold since its all-time high in November 2021.
Schiff has been proclaiming the demise of Bitcoin since it was valued at $300. Given his track record of being incorrect for over fifteen years, one might consider disregarding his current evaluations.
Nonetheless, this proponent of gold often utilizes what he calls a “Greater Fool Theory.” He acknowledges that early investors profited significantly but argues this was only possible because later investors would end up losing their investments. He perceives Bitcoin as akin to a Ponzi scheme where wealth is siphoned from newcomers by those who entered earlier.
Schiff presents his fixation on this topic as benevolent, claiming he frequently discusses BTC to help others avoid financial losses.
Overconfidence with Justification
Currently, Peter Schiff’s excessive confidence is supported by concrete market data and technical patterns emerging towards late 2025.
For many years now, Schiff has maintained that Bitcoin functions more like a “risk asset,” similar to technology stocks rather than serving as a “safe haven,” like gold does. By December 2025, market trends appear to validate his stance.
The year 2025 has witnessed significant movement toward safer investments. In this context, capital is shifting into Gold and Silver while moving away from or out of Bitcoin altogether.
Traditional hard assets are outperforming digital ones during these times; he interprets this scenario as an ultimate stress test—and sees Bitcoin failing miserably under pressure.
A Cautionary Note from Bloomberg
Schiff’s caution mirrors recent sentiments expressed by Mike McGlone from Bloomberg. McGlone recently stated that Bitcoin seems to have become “dead money,” indicating an investment characterized by high risk but no longer yielding returns.
In financial terms, an asset deemed three times riskier than tech stocks yet providing zero additional return over five years signifies a failed investment strategy. Capital tends to flow toward opportunities offering better treatment; currently tech stocks are outperforming with lower associated risks.
If Wall Street’s massive enthusiasm surrounding adoption (such as ETFs) couldn’t elevate Bitcoin beyond sustainable highs relative to inflation or stock performance—there seem to be no remaining “bullish narratives” capable of driving prices upward anymore; all available ammunition appears exhausted.