Peter Schiff Warns Against Bitcoin Even After It Surpasses $93K Mark

TLDR

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Bitcoin topped $93,169 early Monday according to CoinGecko data.
Schiff says Bitcoin’s “mania is over” despite its recent gains.
Gold outperformed Bitcoin throughout 2025, Schiff previously noted.
Bitcoin is still trading 27% below its all-time high.

Bitcoin has reclaimed the $93,000 level, gaining momentum after a strong start to 2026. However, Peter Schiff remains skeptical, urging investors to shift focus to precious metals despite the recent rally in digital assets.

Schiff Rejects Bitcoin Rally Despite Market Recovery

Bitcoin surged above $93,000 early Monday, marking a strong start to 2026. It reached an intraday high of $93,169, according to CoinGecko data. The move has attracted renewed interest from crypto investors, but economist Peter Schiff continues to express skepticism.

Schiff, chief economist at Euro Pacific Capital, maintained his bearish outlook on Bitcoin. He encouraged investors to rotate their funds out of cryptocurrencies and into traditional commodities. “All the action tonight is in precious metals. Gold is up 1.35%, silver is up 3%, palladium is up 3.5%, & platinum is up 5%. We’re early in what will likely be the biggest precious metals bull market in history. Yet all attention remains on Bitcoin, despite that mania being over,” Schiff wrote online.

All the action tonight is in precious metals. Gold is up 1.35%, silver is up 3%, palladium is up 3.5%, & platinum is up 5%. We’re early in what will likely be the biggest precious metals bull market in history. Yet all attention remains on Bitcoin, despite that mania being over.
— Peter Schiff (@PeterSchiff) January 5, 2026

He believes the digital asset rally is not sustainable and views current interest in Bitcoin as misplaced. Schiff argues that the broader market should be focusing on gold, silver, platinum, and palladium, which have all posted notable gains in recent sessions.

According to him, the recent rise in precious metals indicates the early stages of a new long-term trend. Despite Bitcoin’s recent recovery, Schiff suggests the asset is no longer in a growth phase and warns that attention should shift to metals for long-term preservation of wealth.

Bitcoin Crosses $93K Amid Market Optimism

The price of Bitcoin climbed above $93,000 after a relatively quiet December. The upward move confirms a “higher low” pattern, as described by analyst Dave the Wave, signaling continued strength in the market.

Analysts say Bitcoin may need to push closer to the $100,000 level to attract stronger buying momentum. Still, the latest recovery offers a boost of confidence for bulls hoping for a breakout early in the year.

Bitcoin remains about 27% below its all-time high, but its recent price movement has added to renewed speculation about a larger upward trend in 2026.

Gold and Precious Metals Rally Gains Attention

While Bitcoin rises, Schiff has pointed to a simultaneous rally in the precious metals market. Gold and silver both saw overnight gains that Schiff believes indicate a broader trend away from digital assets.

“Precious metals are making historic moves,” Schiff commented in reference to the price action seen over the weekend. He suggested that investors should not be distracted by Bitcoin’s latest price movements.

Schiff has long been critical of Bitcoin, often comparing it unfavorably to physical assets like gold. After gold outperformed Bitcoin in 2025, his confidence in traditional stores of value has remained firm.

Crypto Market Remains Divided Over Long-Term Outlook

Despite Bitcoin’s recovery, the broader market remains split on its future direction. Schiff’s comments add to an ongoing debate among analysts and investors.

Last week, Schiff claimed Bitcoin was “melting down” against his wealth, reinforcing his prediction that the cryptocurrency would struggle in the long term. However, current price data contradicts that short-term forecast, as Bitcoin shows resilience heading into the new year.

Although Schiff continues to downplay the digital asset’s performance, many in the market are watching for key levels that could indicate whether Bitcoin will attempt to retest its all-time highs in 2026.