Peter Schiff, a long-time critic of Bitcoin and a prominent figure in the traditional financial world, has once again made headlines by claiming that the end of Bitcoin is imminent. His latest remarks came during an ongoing legal battle with the U.S. Internal Revenue Service (IRS) and after accusations against his former Euro Pacific Bank, which was shut down due to regulatory scrutiny. As Schiff faces these challenges, his skepticism toward Bitcoin has taken center stage, with his most recent claims fueling the ongoing debate about the future of cryptocurrency.

Schiff has always been vocal about his opposition to Bitcoin, and his latest comments were no exception. In a tweet on X (formerly Twitter), Schiff made it clear that he believes Bitcoin’s downfall is inevitable. He claims that Bitcoin is a “bubble,” one that will burst sooner or later. Schiff argued that the longer the Bitcoin bubble continues, the more damage it will cause to investors, and he celebrated each price dip as a sign that Bitcoin is nearing its end. According to Schiff, Bitcoin does not offer any real value or utility, and it is merely a speculative asset that is luring more people into an unsustainable investment. He stated, “The longer the bubble goes on, the more damage that will be done and the more people that will be harmed.”

This pessimistic view is not new for Schiff, who has been warning about the dangers of Bitcoin for years. His skepticism is based on the belief that Bitcoin lacks intrinsic value, unlike traditional assets such as gold, which Schiff has long advocated as a safe-haven investment. He argues that Bitcoin’s volatile price movements are a clear sign of its speculative nature, and he maintains that it is only a matter of time before the cryptocurrency crashes, taking countless investors down with it.

Schiff’s criticisms come at a time when Bitcoin is experiencing significant volatility. As of March 2025, Bitcoin’s price is hovering around $83,500, which represents a sharp decline from its all-time highs. This decline has led to a series of liquidations, with over $93 million in positions being wiped out, most of them long bets. Bitcoin’s struggle to maintain upward momentum has further fueled concerns among critics like Schiff, who point to the cryptocurrency’s price trajectory as evidence of a “stealth bear market.”

Interestingly, Schiff has also drawn comparisons between Bitcoin and gold, a commodity he has long supported. He claims that when measured against gold, Bitcoin is in a significant decline. Bitcoin, which once fetched a higher value in terms of ounces of gold, now commands 24% fewer ounces than it did during its peak in 2021. For Schiff, this decline in Bitcoin’s purchasing power compared to gold further proves his argument that Bitcoin is not a reliable store of value.

Despite Schiff’s dire predictions, Bitcoin’s supporters continue to argue that the cryptocurrency is a valuable asset with long-term potential. Many in the crypto community see Bitcoin as a hedge against inflation and a store of value in times of economic uncertainty. They argue that Bitcoin’s decentralized nature and limited supply give it an edge over traditional fiat currencies, which are subject to inflationary pressures.

As the debate between Bitcoin’s critics and supporters rages on, the cryptocurrency’s price continues to be volatile. While Bitcoin’s recent performance may have fueled skepticism, the cryptocurrency’s future remains uncertain, and only time will tell whether Schiff’s predictions will come to pass. For now, Bitcoin’s trajectory remains a hot topic, with both critics and believers watching closely to see how the market unfolds.