In the wake of rising global tariffs, Bitcoin has experienced significant volatility. On April 9, 2025, it dropped to $74,000, more than 30 per cent below its all-time high.
As the cryptocurrency continues to face unpredictable price movements, discussions about its future have gained traction.
Recently, American economist and well-known Bitcoin critic Peter Schiff offered his thoughts on the future of Bitcoin and its place in the financial system.
On April 11, 2025, he wrote on X (formerly Twitter), “Bitcoin was born out of the financial crisis of 2008. Ironically, the financial crisis of 2025 will kill it.”
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Schiff's tweet has added to the continuing discussion regarding the future of Bitcoin amidst growing economic uncertainty.
His remarks follow a period of increased market volatility worldwide, including the Black Monday of April 7, which caused massive losses in stocks, cryptocurrencies, and almost every other asset class, making it one of the worst collapses in recent history.
In response to the escalating trade war and market turmoil, US President Donald Trump authorised a 90-day pause and a 10 per cent Reciprocal Tariff during the truce. This decision provided temporary relief, with Bitcoin briefly recovering above $80,000, although broader economic uncertainties remain.
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At the time of writing, Bitcoin is trading at $83,416.87, up by 3.76 in 24 hours. Ethereum has also gained 1.73 per cent, reaching $1,568.67. The total market capitalisation of cryptocurrencies has increased marginally by 2.76 percent to $2.63 trillion, while the 24-hour trading volume has decreased by 15.15 percent to $87.16 billion.
Schiff has not only criticised Bitcoin but also questioned the broader cryptocurrency market.
On April 8, 2025, he targeted Trump’s US Bitcoin Reserve, launched on March 6, 2025. Schiff pointed out that the reserve had already lost over 12 per cent of its value in just a month and argued that if the US had opted for gold instead, it could have avoided that loss and even made a 2 per cent gain.
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Vedang Vatsa, founder of Hashtag Web3, pointed out that while Schiff remains critical of Bitcoin, its track record suggests resilience.
“Peter Schiff has always been skeptical of Bitcoin, but history shows a more balanced picture. Since 2013, major events like the Cyprus crisis, the 2018 crash, COVID-19, and high inflation in 2022 caused sharp price drops. Yet each time, Bitcoin bounced back and emerged stronger,” he says.
