Gold advocate and long-time crypto critic Peter Schiff has issued another dire warning for digital asset investors, predicting that the "imminent" collapse of Bitcoin (BTC) and Ethereum (ETH) will send shockwaves through the entire industry.
In an Oct. 17 post on X, Schiff wrote that the coming downturn will "obliterate the rest of the altcoin market" and trigger "a wave of bankruptcies, defaults, and layoffs."
He added that the unfolding correction could expose systemic risks within the crypto sector itself.
Crypto market reels
Schiff's comments follow a week-long volatility in the broader crypto market, with market sentiment turning increasingly cautious. On Oct. 10, U.S. President Donald Trump announced on Truth Social that he would impose 100% tariffs on incoming Chinese goods.
This triggered a mass plunge for Bitcoin, Ethereum (ETH), and other cryptocurrencies. Over $19 billion in total was liquidated from the market in merely hours, becoming the largest liquidation since the pandemic.
Related: Alien discovery more likely than Bitcoin hitting $200K
Despite Trump's recent softening stance on China tariffs, the market is taking its step cautiously. As of Oct 17, the market cap stood at $3.76 trillion after falling from $4.24 trillion on Oct. 10.
Peter Schiff on Bitcoin
The economist has been one of Bitcoin's most outspoken critics since its early days, arguing that its value is based solely on speculation rather than intrinsic utility. While his warnings have often coincided with temporary pullbacks, crypto proponents argue that Bitcoin's decentralized structure and long-term adoption trends remain intact.
More News:
In a recent interview with TheStreet Roundtable , Schiff called Bitcoin a "tech stock" with no potential to earn anything. He added that it was bound to collapse while comparing it with the gold, which has been reaching new record highs amid global de-dollarization.
This story was originally reported by TheStreet on Oct 18, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
