Economist and gold advocate Peter Schiff renewed his warnings about the crypto market as bitcoin and ether extended their declines this week. Schiff, a long-time critic of digital currencies, argued that recent price action reinforces his view that cryptocurrencies lack the stability and intrinsic value of precious metals.

Posting on social media platform X on Oct. 11, he noted that bitcoin had fallen below $110,000 and ether had slipped under $3,700, signaling further potential downside for both assets. “Crypto carnage continues,” Schiff wrote, warning:

If ether cracks $3,350, it could crash to $1,500, nearly 70% below its record high. If that happens, bitcoin could sink to about $75K, a 40% drop from its peak, wiping out all of MSTR’s paper gains.

On Oct. 10, he advised: “As bad as bitcoin looks, ethereum looks even worse … Get out now!”

In another X post on Oct. 10, Schiff added another grim outlook, stating:

Bitcoin is crashing … It still has a long way down to fall.

The gold advocate also emphasized that gold remains resilient, noting it recently closed above $4,000, while silver rose over 4% to surpass $50—both marking record weekly closes.

Despite Schiff’s bearish perspective, supporters of digital assets argue that such corrections are common in maturing markets. They maintain that long-term fundamentals remain strong, with institutional adoption, blockchain development, and growing real-world applications underpinning optimism. Advocates assert that while short-term volatility is inevitable, bitcoin and ethereum continue to demonstrate resilience and technological significance within the global financial landscape.

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