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Bitcoin's (CRYPTO: BTC) downturn may be only beginning, according to veteran gold advocate Peter Schiff, who warns of an impending collapse across the broader crypto market as Bitcoin broke to $106,000 today.
What Happened: In his latest posts on X, Schiff noted that Bitcoin has lost 34% of its value relative to gold since its August all-time high, underscoring the digital asset's sharp underperformance compared to the traditional safe-haven metal.
He suggested that Bitcoin's weakening relative strength signals that the downtrend could deepen further before any sustained recovery begins.
In another post, Schiff predicted a severe downturn for both Bitcoin and Ethereum (CRYPTO: ETH), warning that the next phase of the bear market could trigger a cascade of failures throughout the crypto industry.
He expects the crash to result in massive financial losses, bankruptcies, loan defaults, and widespread layoffs across crypto firms and service providers.
Also Read: Bitcoin Plunges To $105,000: Is This A Black Friday In The Making?
Why It Matters: Schiff's outlook implies a potential systemic crisis, where the collapse of major digital assets could destabilize exchanges, lenders, and DeFi protocols, leading to a broader market decimation extending beyond individual tokens.
He also tied his warning to the macro backdrop, noting that U.S. investors are bracing for a replay of the 2008 financial crisis as regional bank stocks plunge amid loan losses and economic weakness.
However, Schiff argued that the real threat lies in a dollar crisis, fuelled by monetary instability and eroding global trust in the greenback's value.
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