Bitcoins
Peter Schiff said Bitcoin could be the first casualty of a dollar crisis as metals like gold and silver gain investor trust.
Long-time Bitcoin critic Peter Schiff has warned cryptocurrency investors that BTC could be the first to lose value if the U.S. dollar crashes.
His prediction comes as more individuals continue to put their money into gold and silver, pushing the metals’ prices higher.
Bitcoins Schiff Claims Bitcoin Could Crash Before US Dollar
The economist recently suggested that the OG crypto’s potential crash would precede a Dollar collapse. “The first casualty of the gold and silver surge will likely be Bitcoin. Before a U.S. dollar crash, we will likely get a Bitcoin Crash,” wrote Schiff on X.
His remarks come as gold recently surged past $4,300 per ounce, while silver climbed above $66. As the precious metals hit record highs, the Bitcoin critic says that this shows people are clearly placing more trust in these assets during periods of uncertainty.
On the other hand, BTC has been experiencing some volatility lately. At the time of writing, it was trading close to $87,000, down 6.4% over the past week. Schiff, who believes people bought Bitcoin to protect against a weakening U.S. dollar, says the narrative is losing strength. He warned investors not to rely on it as a safeguard during an economic crash, saying it would be like “jumping from the frying pan into the fire.”
This isn’t the first time that the financial commentator has challenged Bitcoin’s status as digital gold. Following weeks of claiming that the cryptocurrency is in a bear market, he went as far as predicting that the leading digital currency will soon crash.
Bitcoins Crypto Community Responds
However, the crypto community has countered the gold advocate’s latest commentary. Crypto entrepreneur Daniel Tschinkel said that history shows no paper currency lasts forever, and the dollar is unlikely to be different. He explained that expecting Bitcoin to fail before the dollar misses the bigger picture. According to him, the cryptocurrency is not meant to replace gold but to make it easier to move and access value. He added that people should not be focusing on Bitcoin’s price swings but rather the slow loss of trust in fiat currencies.
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Another X user countered by pointing out that BTC has survived multiple “death” predictions and still came back stronger. They added that it serves a different role, stating, “Gold and silver protect purchasing power. Bitcoin protects sovereignty.” In their view, during a crisis, people typically prioritize preserving assets over seeking freedom, but this does not signal Bitcoin’s failure; it simply shows the normal order in which investors exit.
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Wayne Jones Read More