Gold advocate and longtime Bitcoin critic Peter Schiff said a deeper Bitcoin price crash is still “soon” to come, even after the cryptocurrency has fallen nearly 50% from its peak, as stablecoin issuer Tether announced a $150 million investment in precious metals platform Gold.com.
Bitget
Bitunix
BTCC
Schiff Warns of Further Bitcoin Price Downside
Schiff argued that Bitcoin’s price decline so far has not yet reached what he considers a true crash, despite sharp losses and deteriorating sentiment.
“The real story about Bitcoin isn’t its 50% decline, but that the biggest financial mania in history is likely over,” Schiff wrote.
“What’s most amazing is how the scheme’s promoters convinced the mainstream financial media, Wall Street banks, and elected government officials to embrace it.”
In a separate post, he said the market had yet to see a decisive capitulation move.
“The amazing part about the Bitcoin bear market is that the price is down almost 50% from its peak and there still hasn’t been a crash,” Schiff wrote.
“There is no way this bear market will end without one.”
After one X user replied that “the crash is literally happening right now,” Schiff pushed back, describing the decline as orderly.
“It’s a big decline for a day, but pretty orderly,” Schiff wrote.
“Now if we get another 10% or 20% crash over a five minute bar, that would count.”
Asked when he expected a crash, Schiff said he believed one would happen “soon.”
Tether Expands Tokenized Gold Push
As Schiff warned of further downside for Bitcoin’s price, Tether is pushing deeper into precious metals, expanding its tokenized gold footprint as bullion prices surge.
On Thursday, Tether said it acquired about 12% of Gold.com in a $150 million transaction,
Aiming to integrate its gold-backed digital asset XAU₮ into Gold.com’s platform.
The companies will also explore options to allow customers to buy physical gold using stablecoins including USD₮ and USA₮, a newly launched federally regulated stablecoin.
The announcement comes as gold prices have climbed sharply, with a recent surge above $5,000 per ounce.
“Gold has played a central role in preserving value for centuries, particularly during periods of monetary stress and geopolitical uncertainty,” CEO Paolo Ardoino said in a statement.
Schiff vs Bitcoin
Schiff has repeatedly argued that investors are rotating out of Bitcoin and into what he describes as “real money,” pointing to rising precious metals prices and mining stocks.
He has also said Bitcoin’s strongest price performance came before it was embraced by institutional investors.
“Bitcoin was the best performing asset during a time period when hardly anyone owned it,” Schiff wrote.
“But ever since Wall Street embraced it and most people bought it, it’s been one of the worst-performing assets.”
