Euro Pacific CEO Peter Schiff has once again criticized Bitcoin, claiming that the cryptocurrency is losing ground amid the rise of traditional “safe havens”—gold and silver.
According to a well-known cryptocurrency skeptic, the US Federal Reserve’s rate cut has boosted commodity markets. Gold has gained about 11% over the past month and is now trading above $3,700 per ounce, while silver has set a new record of over $43 per ounce.
Schiff believes that Bitcoin, on the contrary, has exhausted its potential and is gradually returning to more “modest” levels. He noted that pressure on the crypto market could intensify with the opening of US trading on September 23, as investors lose their appetite for risky investments.
“By the time I wake up this morning, gold and silver could very well show another surge, while Bitcoin could plummet,” economist X wrote on social media.
He believes current trends indicate capital is shifting from speculative assets like Bitcoin to more established instruments.
This assessment is indirectly confirmed by the market situation: the week for cryptocurrencies began with the liquidation of long positions in Bitcoin and a drop in the sector’s overall market capitalization of approximately $1.7 billion in just 24 hours.
By Sunday, Bitcoin hovered close to $115,700, with derivatives desks recording their busiest sessions in weeks. Futures and options drew most of the market’s focus, while spot trading remained secondary. Current momentum is being shaped largely by positioning.
