Peter Schiff Predicts Bitcoin Crash Amid Gold Surge

Gold has recently hit a record of over $2,586, as explained by Schiff, which supports that it is a strong asset.

Bitcoin hater and gold bug Peter Schiff has once again made a bearish call for the world’s largest digital currency, predicting that it will likely plunge under $58,000.

Schiff, who is also the CEO and chief global strategist at Euro Pacific Capital, made the statement while commenting on the recent performance of Bitcoin and other assets in a conversation with Kitco News.

According to Schiff, Bitcoin is performing poorly despite the recent record high attained by gold, which he claims is a strong asset. He also noted that silver is rising and has crossed the $31 mark while Bitcoin is going down.

Schiff further pointed out that Bitcoin cannot be considered “digital gold” or “digital silver,” stating that it doesn’t hold value for long-term investment. Schiff’s criticism does not stop at the price differentials either.

He has remained very vocal, saying the leading crypto has no value and may have reached its zenith. In his reaction to the online reactions, he explained that it is sitting at a price that indicates a massive drop is close by.

Moreover, Schiff has also linked the rising prices of gold with other economic factors, such as unemployment, inflation, and even a probable recession. He highlighted that gold usually performs well when the financial market is volatile, which is an interesting observation.

Last week, Schiff praised gold, which was trading at $2,573, while ridiculing Bitcoin investors and the digital currency’s relentless fall. Schiff also took issue with the way the media covers the precious metal.

He scolded CNBC’s Fast Money for ignoring gold even when it reached its all-time high. According to Schiff, the media pays more attention to Bitcoin whenever it breaks new barriers, which is not the case with gold.

no bitcoiners discussing which is better…. Gold or Bitcoin….both will EXPLODE….you talkers will be surprised….why I prefer Bitcoin, gold, silver over stocks, bonds, fiat funny money, US T bills, real estate….all discussed in detail in my previous tweets.

While Schiff is pessimistic about Bitcoin, Robert Kiyosaki, the author of Rich Dad Poor Dad, has a different opinion. Recently, Kiyosaki called Bitcoin, gold, and silver tools that would help investors protect their assets from risks.

He noted that U.S. national debt, which is now over $35 trillion, is a problem that cannot be solved by either Trump or Harris. Kiyosaki has been vocal about the risks of holding dollars and advised people to invest in physical assets such as Bitcoin and gold.

He is convinced that the interest rate cuts that the Federal Reserve might make during the next FOMC meeting will increase the value of Bitcoin, gold, and silver. According to Robert Kiyosaki, real assets will rise when the Fed changes direction, and fiat currencies and US bonds will be less attractive.

Schiff’s view is, however, the opposite of Kiyosaki’s view. Both investors are unanimous that the traditional financial markets are grappling with certain problems, such as inflation and rising debt. While the DGB debate about Bitcoin’s future continues, the market stakeholders are still at a loss as to which direction will best benefit investors needing stability.