Renowned economist Peter Schiff warned in an interview aired Thursday that an impending dollar crisis could crush Bitcoin's value. He promoted precious metals like gold and silver as reliable investments during the appearance.
Speaking on the Randi Hipper Show, Schiff said the economy is "getting closer" to a dollar crisis. He described gold and silver's surge as a "harbinger" of the brewing storm.
"I think what's happening in gold and silver now reminds me of what happened to subprime in 2007," Schiff said. He referred to the housing market bubble that led to a surge in subprime loans before the 2008 financial crisis.
Schiff said the crisis would affect the stock market, real estate bonds and cryptocurrencies like Bitcoin. "People need to realize that what I am forecasting is a negative for Bitcoin. It is not a positive for Bitcoin," he stated. He dismissed the "Digital Gold" narrative that several Bitcoin supporters push.
"And you think out of everything that's going to survive, gold and silver are going to just skyrocket," he added.
Schiff's prediction follows soaring U.S. national debt, exceeding $38 trillion as of this writing. The interest on debt alone now surpasses the country's annual defense spending.
Dollar-denominated assets have been hit, with the U.S. Dollar Index falling over 10% in 2025. This marks its worst year in almost a decade.
While Bitcoin fell alongside the dollar, gold surged over 60% in 2025. Bitcoin showed a -7.31% change, valued at $95,503.01 at 9:45 a.m. ET. Spot gold recorded a +63.65% change, valued at $4,599.93. The U.S. Dollar Index showed a -10.23% change, valued at 99.299.