Will Bitcoin Collapse Before the Dollar? Schiff Warns That the Surge in Gold and Silver Impacts Bitcoin's 'Safe Haven Properties'
Recently, renowned economist and long-time Bitcoin critic Peter Schiff posted on X, warning that Bitcoin could be one of the first assets to collapse before a dollar crash occurs, possibly even ahead of the dollar's collapse.
Schiff pointed out that as gold and silver prices continue to rise (gold surpassing $4,300 per ounce and silver exceeding $66 per ounce), Bitcoin may become the primary victim, indicating that investors tend to trust precious metals more in times of economic uncertainty.
He also believes that the notion of Bitcoin as a 'hedge against dollar depreciation' is losing its persuasive power, emphasizing that viewing Bitcoin as a safe-haven asset in a crisis is akin to 'going from the wolf's den to another wolf's den.'
Notably, Schiff has long questioned Bitcoin's status as 'digital gold,' and has recently stated multiple times that Bitcoin has entered a bear market, even predicting that its price is about to collapse.
However, the cryptocurrency community has offered differing views. Entrepreneur Daniel Tschinkel responded by stating that historically, no fiat currency has been able to survive permanently, and the dollar is no exception.
He pointed out that Bitcoin's core goal is not to replace gold, but to facilitate more convenient value transfer and acquisition, emphasizing that people should focus on the long-term trend of diminishing trust in fiat currencies rather than Bitcoin's short-term fluctuations.
Another community member commented that Bitcoin has become more resilient after undergoing multiple 'death' predictions. They believe that gold and silver are mainly used to protect purchasing power, while Bitcoin focuses on 'protecting sovereignty.'
However, in a crisis, investors may adjust their asset allocations in different orders, which does not signify Bitcoin's failure, but rather reflects normal market behavior.
In summary, the debate over whether Bitcoin has safe-haven properties centers on the differences in the time dimensions of consensus formation. Gold's safe-haven status has been solidified over thousands of years, while Bitcoin's trust system is still undergoing the test of time amid global market fluctuations.
What is more likely to emerge in the future is not a single result of one replacing the other, but a more resilient multi-asset defense system formed collaboratively across different risk dimensions and time cycles.
