As the US dollar weakens, gold and silver prices continue to rise. Notable gold bull and Bitcoin critic Peter Schiff has once again issued a strong bearish warning, stating that Bitcoin could become one of the first major assets to decline in the next round of market adjustments. This viewpoint has garnered widespread attention in the cryptocurrency market against the backdrop of increasing macroeconomic uncertainty.
Schiff believes that funds are flowing back into traditional safe-haven assets, and the continued strength of gold and silver prices is undermining Bitcoin's narrative as a 'digital safe-haven asset.' He warns that investors who view Bitcoin as a hedge against dollar depreciation may face significant shocks when real systemic risks emerge.
Recently, silver prices have risen more than $1.6 in a single day, breaking through the $66 mark and reaching a historic high; gold prices have also climbed above $4,300. Schiff interprets this as a sign that market confidence in the dollar and U.S. Treasury bonds is wavering, which often precedes deeper economic issues. He even predicts that Bitcoin prices may test the $70,000 range by the end of the year, while gold is expected to continue reaching new highs.
In his view, the rise in precious metals reflects concerns about inflation, economic slowdown, and even rising unemployment. In this environment, Bitcoin may not necessarily serve as a safe-haven asset and could instead experience a sharp correction due to decreased risk appetite.
Similar cautious voices are not isolated. Bloomberg strategist Mike McGlone pointed out that if market demand continues to weaken, there remains room for Bitcoin prices to decline further. The research firm 10x Research also warned that the potential redemption scale of crypto hedge funds could reach $10 billion to $20 billion, which might create significant selling pressure in the market before the end of the year.
On the other hand, the rise in gold and silver is mainly driven by a weakening dollar and market expectations for future monetary policy easing. The dollar index has hovered near two-month lows, making precious metals priced in dollars more attractive. The market is also paying attention to the upcoming U.S. employment data to assess the Federal Reserve's policy path in 2026, with some opinions suggesting that there may be one or even two rate cuts early next year.
Despite the increasing bearish voices, Bitcoin bulls remain steadfast. MicroStrategy founder Michael Saylor reiterated that in the long term, Bitcoin's market capitalization is expected to surpass gold within the next decade. This also highlights the ongoing fundamental divergence in the current market regarding Bitcoin's positioning.
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