Peter Schiff Doubles Down: Bitcoin a Threat to Buyers as Gold Supporters Clash with BTC Advocates
Economist and gold proponent Peter Schiff renewed his long-running critique of Bitcoin, arguing BTC poses a risk to retail buyers rather than a systemic threat. Responding to crypto commentators including Jeff Swanson, Schiff reiterated that Bitcoin lacks intrinsic value, called it speculative (and has previously likened it to a Ponzi), and warned of a deep long-term downside—forecasting possible collapse toward $10,000 with that level as potential support. Schiff pointed to Bitcoin’s weakening performance against gold and argued that investors who swapped gold for Bitcoin have erred. Pro-Bitcoin voices pushed back: Swanson and others said persistent debate from gold advocates underscores Bitcoin’s relevance and predicted gold could lose ground to BTC over decades. The articles note recent BTC price action around $66k–$69k and frame the exchange as part of an ongoing narrative and market-sentiment battle between gold advocates and crypto proponents. For traders, the confrontation highlights persistent macro-narrative risk, potential for increased volatility around Bitcoin price levels cited by critics, and continuing diversity in safe-haven preferences that can shift capital flows between BTC and gold.
Bearish
Schiff’s renewed public criticism reinforces a bearish narrative that can weigh on Bitcoin sentiment. His high-profile warnings, forecasts of a dramatic crash toward $10,000, and repeated framing of BTC as lacking intrinsic value can increase fear among risk-averse investors and prompt profit-taking or rotation into perceived safe havens like gold. In the short term this amplifies volatility: media attention around specific downside levels (e.g., $10k) can trigger stop orders and exacerbate pullbacks when sentiment sours. In the medium term, the exchange keeps the gold-vs-BTC narrative active, maintaining a persistent headwind for bullish momentum among investors who follow macro and narrative-driven allocation decisions. However, the impact is limited to sentiment rather than fundamentals—Bitcoin’s price drivers (on-chain metrics, macro liquidity, ETF flows) will ultimately determine direction—so while the immediate effect is bearish due to heightened risk aversion, it may be muted or reversed if positive catalysts (inflows, adoption news, macro easing) appear.