Since the start of the year, Bitcoin has lost around 6%, significantly dampening the optimism of many long-term holders. At the same time, silver—often referred to as “the poor man’s gold”—surged to $79.25 per ounce on Friday, posting gains of roughly 170% over the same period. According to Schiff, this rally may only be the beginning of much broader market shifts.
“What is now happening to silver could soon happen to Bitcoin — only in the opposite direction,” the economist wrote in a recent post on X. He also noted that markets typically fall faster than they rise, meaning a negative scenario could unfold over a relatively short timeframe. For committed Bitcoin holders, such a warning sounds particularly alarming.
Schiff poses a blunt question: “If Bitcoin doesn’t rise when tech stocks rise, and it doesn’t rise when gold and silver rise, when exactly is it supposed to go up?” His answer is unequivocal — never. In his view, the “Bitcoin trade” is already over, and investors should consider themselves lucky if they manage to avoid a prolonged and painful decline.
In the past, Schiff has repeatedly compared Bitcoin to the Tulip Mania, arguing that its growth is fundamentally speculative. However, not everyone shares this perspective. Bloomberg ETF analyst Eric Balchunas frequently points out that Schiff predicted Bitcoin’s imminent collapse as far back as November 2013, when BTC was trading at just $355.
Beyond his criticism of cryptocurrencies, Schiff is also warning of potential major macroeconomic shocks. In another post on X, he said that gold could reclaim its role as the primary reserve asset for central banks, a shift that would lead to a sharp weakening of the U.S. dollar against other fiat currencies. His message to his U.S.-based audience was stark: “Prepare for a historic economic collapse.”