Bitcoin Price Crash Could Deepen, Peter Schiff Warns

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Bitcoin price today is trading in the $85,000–$86,000 range at press time, pulling back sharply from recent highs. The price currently sits near $85,654, down around 4%–7% in the past 24 hours. Earlier in the session, Bitcoin briefly climbed close to $89,948 before reversing, underlining the increase in short-term volatility.

As prices cool, long-time Bitcoin critic Peter Schiff has renewed crash warnings. He points to the strong rally in gold and silver as a sign that investors may be shifting capital away from risk assets like Bitcoin and back into traditional safe havens. According to Schiff, fading confidence across markets could leave Bitcoin vulnerable to deeper losses.

Schiff Challenges Bitcoin’s Safe-Haven Narrative

Schiff argues that many investors bought Bitcoin as protection against a weakening U.S. dollar. However, he believes that the argument is losing strength. With gold and silver hitting record highs, Schiff says investors are clearly placing more trust in precious metals during periods of uncertainty. In his view, if market fear intensifies, Bitcoin may face selling pressure instead of acting as a hedge.

He also warns that those expecting Bitcoin to protect their portfolios during economic stress could be caught off guard if prices continue to fall.

Precious Metals Send a Strong Signal

The surge in precious metals has been hard to ignore. Silver jumped more than $1.60 in a single session, pushing above $66, while gold climbed past $4,300 to fresh highs. Schiff believes silver could approach $70 by year-end, with gold moving even higher.

He sees this move as a sign of weakening confidence in the U.S. dollar and government bonds. Rising metal prices, according to Schiff, reflect growing concern about the economy and the stability of the financial system.

What’s Driving the Concern?

Schiff believes the U.S. economy is moving toward serious trouble, citing risks such as persistent inflation, rising unemployment, and declining trust in financial institutions. In that environment, he argues Bitcoin may struggle rather than benefit, especially if investors rush to cut risk.

Other analysts echo similar caution. Bloomberg Intelligence strategist Mike McGlone has suggested Bitcoin could fall further if demand continues to weaken. Meanwhile, 10x Research has warned that $10–$20 billion in crypto hedge fund redemptions could add selling pressure toward the end of the year.

Bitcoin Holders Push Back

Despite the warnings, much of the Bitcoin community remains unconvinced. Long-term holders point out that Bitcoin has survived multiple drawdowns of more than 80% and has still gone on to reach new highs. Many brushed off Schiff’s comments, noting he has predicted Bitcoin’s collapse since it traded near $100.

Others argue Bitcoin doesn’t behave like a typical risk asset. While it often sells off during early market shocks, supporters say it can diverge during deeper confidence crises. In their view, gold preserves wealth within the financial system, while Bitcoin offers mobility and an exit from it, keeping long-term conviction intact despite short-term volatility.