Prominent economist and gold advocate Peter Schiff has intensified his criticism of Bitcoin, labeling the digital asset as ‘ridiculously overpriced’ and cautioning investors about an impending market downturn. His latest warnings follow Bitcoin’s recent decline below the $100,000 threshold, which he attributes to excessive leverage unwinding, diminishing investor confidence, and widespread pressure across cryptocurrency markets. Schiff, a long-standing skeptic of digital currencies, emphasized the urgency for holders to divest their Bitcoin positions to avoid significant losses. He pointed to historical market patterns and current economic indicators as evidence supporting his bearish outlook. While Bitcoin has previously demonstrated resilience during periods of volatility, Schiff maintains that the current market conditions present unprecedented risks that could trigger a substantial correction. His comments arrive during a phase of heightened uncertainty in digital asset markets, where regulatory developments and macroeconomic factors continue to influence price action. Despite Schiff’s persistent warnings, cryptocurrency proponents maintain contrasting views, highlighting Bitcoin’s limited supply and growing institutional adoption as fundamental value drivers.
