Gold supporter Peter Schiff issues more harsh words: Bitcoin zeroing out is only a matter of time

Gold supporter and cryptocurrency skeptic Peter Schiff recently reiterated his bearish stance on Bitcoin, stating that this digital asset will "ultimately fall to zero." In a conversation with Sujal Jeswani, he mentioned that while Bitcoin still attracts attention in the short term, it will lose all value in the long run. Schiff believes that even if Bitcoin does not disappear within the next 5 to 10 years, the difference between "approaching zero" and "truly zero" is negligible for investors. He gave an example: if you invest $1 million and it ends up with only $100, whether it is completely wiped out or not becomes irrelevant; what truly matters is the significant evaporation of capital.

These comments came as Bitcoin rebounded from recent lows. Previously, BTC briefly fell below $63,000, nearly a 50% retracement from its October 2025 high of approximately $124,000, before climbing back above $70,000. Schiff described this rebound as a "bear market trap," warning that sharp rallies in a downtrend often create false optimism, luring investors to hold onto risky assets. He also pointed out that Bitcoin lacks intrinsic value like gold and is more akin to a speculative bubble relying on subsequent buyers to keep it afloat. From a gold valuation perspective, Bitcoin remains about 60% below its November 2021 peak, indicating its inflation-hedging properties are unstable.

Schiff even called Bitcoin "the greatest financial craze in history" and questioned why mainstream institutions and governments would support such an asset. He contrasted the US open attitude toward cryptocurrencies with China's focus on manufacturing and gold reserves, believing the latter has more long-term value. However, Bitcoin supporters counter that its decentralized network, fixed supply mechanism, and global liquidity form a different kind of value foundation from traditional assets.

Currently, Bitcoin is trading at approximately $70,916, up 4.4% in the past 24 hours. Amid fierce battles between bulls and bears, debates over Bitcoin's long-term value are expected to continue. #比特币反弹