Peter Schiff, the infamous economist known for his long-standing dismissal of Bitcoin, has predicted that the next four years will be "much worse" for the leading cryptocurrency. Schiff confirms he believes the thesis that "Bitcoin is Digital Gold" has officially failed.
Even though Bitcoin at $87,000 is historically high (compared to 2020 or 2023), Schiff argues it has lost purchasing power relative to Gold.
He states Bitcoin is down 46% priced in gold from its November 2021 high.
Schiff has been predicting Bitcoin's death since it was $300. Because he has been wrong for 15 years, his current analysis should be ignored.
However, the gold bug always employs a "Greater Fool Theory" argument. He admits early buyers got rich, but claims they only did so because "later buyers will turn millions into pennies." He views Bitcoin as a Ponzi scheme where early entrants steal wealth from late entrants.
He frames his obsession as altruistic, claiming that he frequently posts about BTC to "prevent people from losing money."
Justified overconfidence
Peter Schiff’s overconfidence is currently backed by hard market data and technical trends occurring in late 2025.
For years, Schiff has argued that Bitcoin is a "risk asset" (like tech stocks) rather than a "safe haven" (like gold). In December 2025, the market is proving him right.
2025 has been a year of "flight to safety." In this environment, capital is rotating into Gold and Silver and out of or away from Bitcoin.
Traditional hard assets are winning, while "digital" assets are lagging. He sees this as the ultimate stress test, and Bitcoin is failing it.
Bloombeg's warning
Schiff's warning is in line with the one recently issued by Bloomberg's Mike McGlone. The latter recently argued that Bitcoin has become "dead money", meaning that this is an investment that carries extreme risk but has stopped generating returns.
In finance, an asset that is three times as dangerous as tech stocks but yields zero extra return over a total of five years is considered a failed trade. Capital flows to where it gets treated best, and right now, tech stocks are delivering better returns with less risk.
If the massive hype of Wall Street adoption (ETFs) couldn't push Bitcoin to new sustainable highs relative to inflation or stocks, there are no "bullish narratives" left to drive the price up. The ammunition has been spent.
