Peter Schiff Warns Bitcoin May Keep Sinking as Sentiment Tests Major Thresholds

Peter Schiffs latest warning that bitcoin could sink lower has amplified attention as strengthening demand, broadening global adoption, and expanding network activity underscore accelerating momentum that positions the digital asset for interest despite his criticism.

Peter Schiff Ramps up Pressure on BTC Investors With Calls for a Shift Into Gold

Economist and gold advocate Peter Schiff criticized bitcoin again this week, urging BTC investors to sell their crypto to buy gold. He intensified the ongoing bitcoin-versus-gold commentary circulating on social media platform X as he renewed his criticism.

“ Bitcoins past history of recovering from every bear market will keep a lot of HODLers from jumping ship for years to come,” Schiff wrote on Nov. 14, predicting:

But this time, instead of recovering, bitcoin may keep sinking. As losses pile up, HODLers will also miss the boat on profit opportunities in other assets.

In reply to multiple comments regarding bitcoin vs gold, Schiff stressed: “You are much better off selling bitcoin to buy gold.”

The gold bug also shared results from a Nov. 13 poll on X in which he asked: “How low does bitcoin have to fall before you bitcoiners admit that I was right？” The poll drew 40,115 votes, with 18% selecting $50,000, 7.5% choosing $25,000, 13.1% opting for $10,000, and 61.3% picking $0.

Bitcoiners assert Schiff is wrong about BTC because his gold-centric view fails to recognize bitcoins superior, verifiable scarcity and censorship-resistant utility as a digital monetary network. They argue that its value is not derived from tangible use, like a commodity, but from its decentralized properties that make it an unmatched, non-sovereign store of value and medium of exchange in the digital age. They see its volatility as a temporary phase of price discovery, ultimately leading to greater returns than traditional assets like gold.