Economist and long-time Bitcoin critic Peter Schiff has reignited his bearish stance on the cryptocurrency, declaring that Bitcoin "won't go up" and that "the Bitcoin trade is over." Schiff's comments came as Bitcoin traded laterally around $87,000 while traditional markets, including tech stocks and precious metals, experienced significant gains.
Schiff's core argument centers on Bitcoin's recent decoupling from other asset classes. He pointed out that while the Nasdaq advanced and precious metals surged—with gold gaining about 4.5% and silver up approximately 69% on a monthly basis—Bitcoin's price remained stagnant. "If Bitcoin won't go up when tech stocks rise, and it won't go up when gold and silver rise, when will it go up?" Schiff questioned on social media. "The answer is: it won't. The Bitcoin trade is over."
The economist also challenged the popular "digital gold" thesis, arguing that Bitcoin fails to behave like a reliable store of value. "I don't believe Bitcoin has decoupled from other risk assets. It just doesn't rally as much when they rise, and it declines much more when they fall," he stated. "What should be obvious by now is that it's not digital gold. If gold goes way up, there is no reason to expect Bitcoin to follow."
Schiff's bearish outlook extends into the future, predicting that "the next four [years] will be much worse" for Bitcoin than the past four, particularly when priced against gold. His views find some alignment with other analysts, such as veteran trader Peter Brandt, who has suggested Bitcoin could face an 80% decline based on historical trends.
Ironically, within the crypto community, Schiff's persistently negative commentary is often viewed as a contrarian sentiment indicator. Many traders recall that significant Bitcoin rallies have sometimes followed periods when Schiff declared the asset was finished. Crypto influencer Crypto Rover highlighted this perspective, suggesting Schiff's latest remarks could signal a potential market bottom rather than a death knell, reflecting a broader market psychology where extreme pessimism often precedes a turnaround.
