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Economist and long-time crypto critic Peter Schiff has renewed his bearish stance on digital assets, predicting that Bitcoin could slide to $75,000 and that Ethereum may face even deeper losses. Schiff’s warnings come amid continued market pressure that has seen both assets drop sharply over the past week.
Schiff Predicts Bitcoin and Ethereum Will Face Steeper Declines
Posting on X (formerly Twitter) on October 11, Schiff highlighted that Bitcoin had fallen below $110,000, while Ethereum slipped under $3,700, suggesting that both may have more room to fall. The gold advocate, known for his skepticism of cryptocurrencies, described the ongoing decline as further proof that digital assets lack the stability and intrinsic value found in traditional safe havens like gold.
“Crypto carnage continues,” Schiff wrote, warning that if Ethereum breaks below $3,350, it could plunge toward $1,500, marking a nearly 70% decline from its all-time high. He added that if such a drop materializes, Bitcoin could retreat to around $75,000, representing a 40% correction from its recent peak.
In a separate post on October 10, Schiff urged investors to exit the market altogether, stating:
“As bad as Bitcoin looks, Ethereum looks even worse… Get out now.”
He later followed up with an even more direct statement:
“Bitcoin is crashing… It still has a long way down to fall.”
Gold and Silver Hit Record Highs Amid Crypto Weakness
While cryptocurrencies have been struggling, Schiff pointed out that gold and silver are surging. He emphasized that gold recently closed above $4,000, while silver gained over 4% to surpass $50, marking their highest weekly closes on record.
According to Schiff, these moves highlight a growing preference among investors for tangible assets that act as hedges against inflation and economic uncertainty. The economist reiterated his long-standing view that Bitcoin lacks intrinsic value, arguing that its price is based purely on speculation rather than fundamental demand.
“Gold’s strength amid the crypto selloff is proof that real money doesn’t need hype or volatility to maintain its worth,” Schiff said in his latest post.
Crypto Community Pushes Back on Schiff’s Claims
Despite Schiff’s warnings, many in the crypto community remain confident in the long-term potential of digital assets. Analysts and traders argue that the latest correction is part of a broader market cycle that occurs in all risk-on assets, especially in rapidly growing sectors like blockchain technology.
Proponents maintain that Bitcoin’s fixed supply, institutional demand, and evolving use cases continue to strengthen its position as a digital store of value. Meanwhile, Ethereum’s role in decentralized finance (DeFi), smart contracts, and tokenization remains central to the Web3 ecosystem, even during market downturns.
“Corrections of this size have always been part of Bitcoin’s DNA,” one trader noted. “After every major drawdown, Bitcoin has historically come back stronger, supported by deeper liquidity and broader adoption.”
Analysts Cite Market Structure and Liquidity Factors
Market observers suggest that the current downturn may be driven more by liquidity issues and leveraged positions than by weakening fundamentals. The recent $20 billion liquidation event across exchanges flushed out excessive leverage, temporarily dragging prices lower before markets began to stabilize.
Some analysts point to Binance’s recent infrastructure failures and broader macro uncertainty—including U.S.–China trade tensions and fluctuating interest rate expectations—as key factors contributing to market volatility.
“Bitcoin’s pullback is part of a natural reset,” said one market strategist. “Once leverage clears and sentiment normalizes, institutional accumulation typically resumes, setting the stage for recovery.”
Schiff’s Long History of Crypto Skepticism
Peter Schiff, CEO of Euro Pacific Asset Management, has been one of Bitcoin’s most vocal detractors since its early days. He has frequently compared Bitcoin to speculative bubbles and warned that its lack of intrinsic utility makes it vulnerable to collapse.
Over the years, Schiff has predicted multiple market tops, arguing that crypto assets will eventually return to zero while gold continues to rise. Despite these predictions, Bitcoin has repeatedly recovered from deep corrections, hitting new highs in each market cycle.
Crypto advocates often view Schiff’s pessimism as outdated, citing the growing involvement of major institutions, government discussions on digital asset regulation, and blockchain’s integration into global finance as signs of resilience.
Bitcoin and Ethereum Maintain Long-Term Relevance
While Schiff’s warnings add to the current bearish sentiment, most analysts agree that Bitcoin and Ethereum remain foundational to the digital asset economy. Bitcoin’s scarcity and decentralization continue to attract long-term holders, while Ethereum’s technological flexibility supports a wide range of real-world applications.
As the market digests the recent volatility, traders are watching whether Bitcoin can hold above the $110,000 support level and if Ethereum can defend $3,500. A sustained rebound could invalidate Schiff’s short-term outlook, but for now, caution dominates sentiment across the crypto market.
