Following the sharp sell-off in the cryptocurrency market, economist and gold advocate Peter Schiff, long known for his anti-Bitcoin views, has returned to the scene.
Schiff said that while Bitcoin’s decline below $100,000 was an expected development, the real collapse occurred on Ethereum.
Schiff made the following statement:
Bitcoin finally broke below $100,000. But the real drop is happening in ETH. The price of Ethereum is poised to fall below $3,000, representing a nearly 40% drop from its record high hit in August. ETH has erased all of its 2025 gains. Bitcoin will soon do the same.
Today’s general crash in the crypto market has revived Peter Schiff’s long-held “bubble burst” theory. According to Schiff, this decline once again demonstrates that Bitcoin cannot be a long-term store of value.
Bitcoin, which fell below $100,000 for the first time since June 23, has come under heavy selling pressure in the last 24 hours due to a market-wide liquidity squeeze and the record-long US government shutdown.
Schiff also added that Bitcoin is losing value in terms of gold:
Bitcoin has lost a third of its value in gold terms since its peak last month. Two-thirds remain. There is a negative correlation between gold and Bitcoin. So, while Bitcoin is falling sharply, gold is likely preparing for a strong rally.
*This is not investment advice.