Economist and gold advocate Peter Schiff renewed his long-running criticism of cryptocurrencies, asserting that bitcoin has now entered a full bear market after substantial declines.

Schiff, who has repeatedly and often criticized bitcoin while promoting gold as a more stable store of value, wrote on social media platform X on Nov. 5 that CNBC coverage understated the severity of the downturn. He suggested that the media’s portrayal of the slump as a mere “correction” ignores evidence of a deeper market reversal. The economist wrote:

CNBC just described bitcoin and ether as being in ‘correction territory.’ However, bitcoin has fallen 21.6% and ether 38.3% from their respective highs, putting both in bear markets.

A day earlier, Schiff shared: “ Bitcoin finally broke below $100K. But the bigger crash is happening in ether, which is about to break below $3K. That’s almost a 40% decline from its record high set in August. Ether has already lost all of its 2025 gains. Bitcoin will soon surrender all of its 2025 gains too.” His remarks highlight his view that digital assets remain speculative instruments prone to sharp downturns, contrasting them with gold, which he continues to advocate as a secure store of wealth.

Schiff also warned that the magnitude of potential losses could exceed those seen during the early 2000s dot-com crash, stating on Nov. 4:

The losses that will be suffered by bitcoin HODLers and crypto investors will be staggering. More money will be lost in this bubble than was lost when the dot-com bubble popped. But if this signals an aversion to risk in general, look out for the even bigger AI bubble to burst.

Despite Schiff’s persistent pessimism, proponents of bitcoin maintain that its fixed supply, institutional adoption, and broader blockchain applications could sustain its value over the long term.

• Why does Peter Schiff believe bitcoin has entered a full bear market?
  Schiff argues that bitcoin’s 21.6% decline and ether’s 38.3% drop from their highs signal a deeper market reversal, not just a correction, marking a confirmed bear phase for cryptocurrencies.
• How does Schiff compare gold to cryptocurrencies in terms of investment stability?
  He promotes gold as a safer, long-term store of value, contrasting it with what he sees as the speculative and volatile nature of digital assets like bitcoin and ether.
• What larger economic risk does Schiff warn about following crypto losses?
  Schiff predicts that the crypto downturn could trigger broader investor risk aversion, potentially leading to a massive collapse in what he calls the “AI bubble.”
• What counterarguments do bitcoin proponents present against Schiff’s bearish view?
  Supporters of bitcoin point to its limited supply, growing institutional adoption, and expanding blockchain utility as long-term drivers of resilience and value retention.

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