Peter Schiff Warns Bitcoin Investors They Could 'Go Broke Overnight'
Peter Schiff returned to his long-running critique of cryptocurrencies on Dec. 15, telling investors that Bitcoin (BTC) could implode and leave holders ‘broke overnight’ as the market slides into a broad red. His remarks came as gold and silver continued to climb, a contrast Schiff and other precious-metals bulls say underscores perceived weaknesses in crypto’s store-of-value narrative.
The warning matters because it reinforces risk-focused narratives at a moment of heightened volatility: sudden price moves can wipe out leveraged positions and shake retail confidence. Schiff’s view also keeps the metals-versus-crypto debate in the headlines, reminding investors to consider diversification and position sizing rather than relying on any single asset class during turbulent markets.