Peter Schiff: Gold More Likely to Reach $1 Million Than Bitcoin
Economist and gold supporter Peter Schiff once again criticized Bitcoin, saying the recent rise in gold prices shows that the cryptocurrency is a weak investment.
In several posts on social media platform X, the founder of Euro Pacific Asset Management said that Bitcoin’s image as “digital gold” is fading because investors are returning to real gold as demand for physical bullion continues to rise.
“Gold is the biggest threat to Bitcoin,” Schiff said on October 19. “When gold was quiet for years, Bitcoin’s hype worked. But now that gold is surging, there’s no reason to buy Bitcoin anymore.”
A few days earlier, on October 17, Schiff warned that a massive crash was coming to the crypto market. He predicted big losses, bankruptcies, and layoffs across the industry, saying Bitcoin and Ethereum would lead the collapse and drag down other altcoins too.
According to Schiff, investors are starting to see gold as a safer hedge against inflation and economic uncertainty, while Bitcoin’s hype cycle is coming to an end. On October 16, he even claimed:
“Gold is more likely to hit $1 million than Bitcoin.”
He added that the ongoing Bitcoin bear market (a long period of falling prices) “will be brutal.” Schiff advised investors to “sell their fool’s gold now and buy the real thing” before it’s too late.
Schiff has long compared Bitcoin to gold, always calling the digital asset inferior.
However, Bitcoin supporters disagree. They argue that Schiff ignores Bitcoin’s key strengths — such as its limited supply, portability, and freedom from central banks. They believe that while gold may perform better in the short term, Bitcoin still plays an important role in protecting wealth from inflation and government policies.
Supporters also note that Bitcoin has gone through many downturns before — often right before big rallies — and say that predictions of Bitcoin’s collapse may once again prove wrong.
