Bitcoin may be bruised, battered, and down nearly 50% from its peak—but according to Peter Schiff, the real pain hasn’t arrived yet.
The longtime gold advocate and one of Bitcoin’s loudest critics says what investors are witnessing now isn’t a crash at all. It’s just the calm before it.
And the timing of his warning couldn’t be more striking: as Schiff predicts a deeper Bitcoin collapse “soon,” stablecoin giant Tether is making a bold $150 million move into gold—sending a clear signal that the race toward safe havens is accelerating.
“This Isn’t a Crash Yet,” Schiff Says
Despite Bitcoin’s steep slide and worsening market sentiment, Schiff argues the selloff still lacks the defining feature of a true collapse: panic.
“The real story about Bitcoin isn’t its 50% decline,” Schiff wrote, “but that the biggest financial mania in history is likely over.”
In his view, what markets have seen so far is an orderly descent—not the kind of violent, emotional capitulation that marks the end of speculative bubbles. When an X user claimed the crash was already unfolding, Schiff pushed back.
“It’s a big decline for a day, but pretty orderly,” he said.
Pressed on when the real breakdown might come, Schiff didn’t hedge.
“Soon,” he replied.
For Schiff, the absence of mass fear is precisely why he believes more downside lies ahead.
Tether Makes a Loud Bet on Gold
While Schiff was issuing warnings, Tether was quietly making a statement of its own.
On Thursday, the issuer of the world’s largest stablecoin announced it had acquired roughly 12% of precious metals platform Gold.com in a $150 million deal. The goal: expand the reach of its gold-backed digital asset, XAU₮, and bring tokenized gold closer to mainstream users.
The partnership goes even further. Tether and Gold.com plan to explore ways for customers to purchase physical gold using stablecoins—including USD₮ and USA₮, Tether’s newly launched, federally regulated stablecoin.
This move comes as gold prices surge, recently breaking above $5,000 per ounce—an eye-catching milestone that underscores rising demand for perceived safety.
“Gold has played a central role in preserving value for centuries,” Tether CEO Paolo Ardoino said, pointing to ongoing monetary stress and geopolitical uncertainty.
The message was clear: when uncertainty rises, gold still matters.
A Broader Shift Toward Safe Havens
To Schiff, Tether’s gold push is more evidence that capital is rotating away from speculative assets and back toward what he calls “real money.”
He has repeatedly argued that Bitcoin’s golden era is behind it—and that its strongest gains came long before institutional investors and Wall Street embraced it.
“Bitcoin was the best performing asset during a time period when hardly anyone owned it,” Schiff wrote.
In contrast, he points to rising gold prices and mining stocks as proof that investors are repositioning for a tougher economic environment.
A Tale of Two Futures
Bitcoin supporters may dismiss Schiff’s warnings as recycled skepticism. After all, he has declared Bitcoin doomed before—and been wrong before.
But this moment feels different.
Bitcoin is sliding. Gold is surging. And one of crypto’s most powerful players is doubling down on precious metals rather than digital scarcity.
Whether Schiff’s predicted crash materializes or not, the market’s behavior tells a story of growing caution. For now, investors seem less interested in chasing the next big rally—and more focused on where their money might actually be safe if things get worse.
And if Schiff is right, the move into gold may turn out to be early—not late.