Economist Peter Schiff has issued a stark warning about an imminent crash in bitcoin and ether prices. He predicts this downturn will lead to widespread bankruptcies and layoffs in the cryptocurrency sector. Schiff positions gold as a safer alternative amid the anticipated financial turmoil.
On October 20, 2025, Peter Schiff, a prominent economist and vocal critic of cryptocurrencies, reiterated his bearish outlook on the crypto market. In a recent statement covered by Bitcoin News, Schiff forecasted staggering losses from a looming crash in bitcoin and ether, two of the largest cryptocurrencies by market capitalization.
Schiff's prediction builds on his long-standing skepticism toward digital assets, which he has frequently described as lacking intrinsic value compared to traditional investments like gold. He envisions the crash triggering a cascade of bankruptcies among crypto firms and significant layoffs in the industry, exacerbating economic pressures.
The warning comes at a time when cryptocurrency markets have experienced volatility, though specific triggers for the predicted crash were not detailed in the report. Schiff's emphasis on gold underscores his advocacy for precious metals as a hedge against what he sees as an impending reckoning in speculative assets.
This is not the first time Schiff has cautioned against crypto enthusiasm; he has consistently predicted downturns that have not always materialized as foretold. Nonetheless, his latest comments highlight ongoing debates about the sustainability of cryptocurrency valuations.