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The biggest crypto market crash of the year sent shockwaves through the industry over the weekend, wiping out more than $19 billion in liquidations and pushing Bitcoin as low as $101,000. Now, as the market attempts to recover, famous economist and longtime Bitcoin critic Peter Schiff has reopened conversations on the sustainability of Bitcoin’s rebound.
According to him, the ongoing price recovery is nothing more than a “dead cat bounce,” and his comments come at a time when Gold and Silver prices are reaching new all-time highs.
Peter Schiff Says Gold Is Winning The Battle Against Bitcoin
In a series of posts on X, Schiff contrasted the performance of Bitcoin with that of Gold and Silver, highlighting how the metals have held their value even through market turbulence. He noted that while Bitcoin was merely reclaiming part of its losses from Friday’s crash, gold was trading above $4,050 without any previous loss to recover.
Silver, he added, was also close to a record high at just under $51. Schiff described gold’s performance as proof that it remains a more reliable store of value. At the same time, he noted that the crypto market’s recent bounce does not represent genuine strength but a short-term recovery due to traders trying to capitalize on volatility.
He further observed that as of Monday morning, Gold had surpassed $4,080 while Silver broke $51.60, both achieving new highs. Bitcoin, in contrast, “managed a dead cat bounce,” he said, adding that it remains down about 25% when priced in gold since its August peak.
The economist concluded by declaring that the Bitcoin blockchain letter has run out of chain, meaning that the cryptocurrency’s momentum has reached its end. However, many Bitcoin proponents would argue otherwise, considering the leading cryptocurrency only just broke above $126,000 for the first time eight days ago.
The Flash Crash Wasn’t A Buying Opportunity But A Warning
Schiff doubled down on his bearish view in another post, warning that investors should not view Bitcoin’s latest dip as a buying opportunity. He referred to the dramatic price drop on Friday as a warning rather than a signal to accumulate more BTC.
He also took aim at the political dimension of BTC’s price movements, alluding to the influence of US President Donald Trump’s statements on social media. The recent crypto market crash was mostly a reaction to sudden US tariff announcements on China.
The rebound can also be attributed to later posts by Trump about these tariffs and global trade tensions with China. However, Peter Schiff warned that the next time Bitcoin crashes, Trump may not be able to save it with a social media post.
In another post, the economist continued his criticism by saying that gold and silver are experiencing what he called a melt-up, while Bitcoin and Ethereum continue to melt down. “Crypto buyers are in for a rude awakening,” Schiff said.
At the time of writing, Gold is trading at $4,120, having reached a new all-time high of $4,179 in the past 24 hours. Silver is trading at $52, having also reached a new all-time high of $53.51 in the past 24 hours. Bitcoin, on the other hand, is trading around $112,050, up from its weekend low of $101,000 but down about 11% from its October 6 high of $126,080.
Featured image from Pixabay, chart from Tradingview.com
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