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Peter Schiff Warns Bitcoin Will "Break Down Hard"

Tue, 04/04/2023 - 05:58
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Alex Dovbnya
Financial expert Peter Schiff predicts a significant market downturn for Bitcoin, warning that the digital currency will "break down hard," while simultaneously forecasting a boom for precious metals as new tech stocks
Peter Schiff Warns Bitcoin Will "Break Down Hard"
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In a recent tweet, Peter Schiff, a well-known financial expert, and Bitcoin critic, warned that Bitcoin is on the verge of a significant downturn.

Schiff expressed his belief that risk assets would "break down hard," with Bitcoin leading the decline.

At the same time, he anticipates that precious metals miners will experience a breakout, with gold stocks becoming the new tech stocks.

Schiff's tweet comes as Bitcoin is trading at $27,924 on the Bitstamp exchange.

Schiff has been vocal about his skepticism of Bitcoin's potential as a long-term investment. In previous tweets, he has argued that despite Bitcoin's 20% spike following the Federal Reserve's policy shift, gold remains the better inflation hedge.

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He contends that gold's modest increase is more sustainable than Bitcoin's headline-grabbing rally. 

Additionally, Schiff has pointed out that Bitcoin is more thinly traded than gold, which may contribute to its vulnerability.

He has even challenged Bitcoin proponents like Michael Saylor, CEO of MicroStrategy, to consider what they will do when Bitcoin's value drops below $3,800, a far cry from its current trading value.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at