Gold advocate and long-time crypto critic Peter Schiff has issued a dire warning, claiming the digital asset market is heading not for another “crypto winter,” but a full-blown “crypto ice age.” According to Schiff, the recent crash signals the end of recovery cycles, meaning there will be no new “crypto spring” for investors hoping for a rebound.
The warning comes amid a sharp market sell-off. Bitcoin, the world’s largest cryptocurrency, has dropped by 4% in the past 24 hours, while altcoins have seen even steeper declines. Ethereum, the second-largest digital asset, tumbled below the $4,000 level and has lost about 20% in a single week. Schiff was quick to highlight Ethereum’s fall, pointing to it as evidence of his long-standing bearish outlook.
Other major cryptocurrencies also suffered heavy losses, with Solana and Dogecoin down nearly 10%. Data from CoinGecko shows that $1.04 billion worth of positions were liquidated in just 24 hours, underscoring the severity of the downturn.
The sell-off is not isolated to crypto markets. U.S. equities are also struggling, with major indexes set to close lower for a third consecutive day. Stronger-than-expected GDP growth and falling jobless claims have reduced expectations of Federal Reserve rate cuts this year. This shift has put added pressure on risk assets like Bitcoin, despite its recent lower correlation with stocks.
Schiff also targeted Bitcoin treasury firms such as MicroStrategy (MSTR), whose shares have already plunged by 45% from their peak. He suggested that these companies may struggle to survive if the crypto bear market intensifies, calling the outlook “brutal.”
As investors weigh Schiff’s forecast of a “crypto ice age,” the broader market faces mounting uncertainty, with both economic conditions and regulatory shifts adding fuel to the volatility.
