Peter Schiff says Bitcoin’s price rally was a bubble that is now deflating.
Gold advocate and long-time Bitcoin critic Peter Schiff has slammed Bitcoin’s multi-year rally as a bubble that is now deflating, claiming its price could fall as low as $40,000.
His comments come as Bitcoin’s price continues to decline, now trading 50% below its October 2025 peak of $126,000.
Meanwhile gold has continued to post strong gains, which he argued is a broader shift away from the U.S. dollar into de-dollarization.
In a post on X on Monday, Schiff again criticized what he described as one-sided financial media coverage of Bitcoin’s recent decline.
Adding: “None of the coverage focuses on the possibility that the entire bull market was a bubble and that the air is finally coming out.”
Bitcoin has fallen about 50% from its October peak, retreating from $126,000 to near $63,208 during bouts of market stress, including October’s tariff-driven volatility.
While Bitcoin still remains significantly up when zooming out, its recent pullbacks have increased wide-spread theories of Bitcoin “heading to zero.”
Schiff once again took aim at the mainstream’s financial coverage of gold, singling out CNBC for what he said was a failure to properly explain the metal’s rally.
He added that commentators wrongly attribute the rise to momentum or capital flows without examining the underlying reasons for those flows.
In a recent podcast, he said some institutional investors who entered crypto markets in search of a dollar alternative were misled.
He added that as “the air is coming out of the Bitcoin bubble,” private-sector demand for gold could increase.
Schiff predicted that a deeper Bitcoin correction, potentially below $50,000 or even $40,000, could further shift investor attention toward gold and mining stocks.
He also criticized pro-crypto policies associated with U.S. President Donald Trump, who has pledged to make the U.S. a global crypto hub.
Schiff called such efforts a “complete waste of resources and capital.”