Gold supporter and cryptocurrency skeptic Peter Schiff recently reiterated his bearish stance on Bitcoin, stating that this digital asset will “ultimately fall to zero.” In a conversation with Sujal Jeswani, he mentioned that while Bitcoin still attracts attention in the short term, it will lose all value in the long run.
Schiff believes that even if Bitcoin does not disappear within the next 5 to 10 years, the difference between “approaching zero” and “truly zero” is essentially meaningless for investors. He gave an example: if you invest $1 million and it ends up worth only $100, whether it is completely wiped out or not is irrelevant; what truly matters is the significant evaporation of capital.
This statement comes as Bitcoin rebounds from its lows. Previously, BTC briefly fell below $63,000, nearly a 50% retracement from its October 2025 high of around $124,000, before rebounding above $70,000. Schiff described this rebound as a “bear market trap” and warned that sharp rallies in a downtrend often create false optimism, luring investors to hold onto risky assets.
He also pointed out that Bitcoin lacks the intrinsic value similar to gold and is more like a speculative bubble relying on subsequent buyers to keep it afloat. From a gold valuation perspective, Bitcoin has fallen about 60% from its November 2021 peak, indicating that its inflation-hedging properties are unstable.
Schiff even called Bitcoin “the biggest financial craze in history” and questioned why mainstream institutions and governments would support such an asset. He contrasted the US open attitude toward the crypto industry with China’s focus on manufacturing and gold reserves, believing the latter has more long-term value.
However, Bitcoin supporters counter that its decentralized network, fixed supply mechanism, and global liquidity form a different kind of value foundation from traditional assets. Currently, Bitcoin is trading at approximately $70,916, up 4.4% in the past 24 hours. Amid fierce battles between bulls and bears, debates over Bitcoin’s long-term value are expected to continue.
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