CoinDesk Podcast Network Peter Schiff Argues Most Crypto Companies Are Headed for Bankruptcy | Markets Outlook
Dec 5, 2025
Peter Schiff shares his critical views on the crypto market during Binance Blockchain Week. He draws alarming parallels between the current digital asset scene and the subprime mortgage bubble, predicting that over 90% of crypto firms are destined for bankruptcy. Schiff warns that new investors are likely to lose money and describes the market as a pyramid scheme. While acknowledging the potential of tokenization for real assets, he dismisses Bitcoin's value, emphasizing that only tokenized gold can be considered 'digital gold'.
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Crypto Conference Feels Like 2006 Mortgage Shows
- Peter Schiff likened walking crypto conferences to his experience at mortgage conferences in 2005-2006 where most exhibitors later went bankrupt.
- He used that memory to predict many blockchain companies will fail similarly to subprime firms.
Most Crypto Firms Won't Survive
- Schiff predicts over 90% of crypto-related companies will never make money and will go bankrupt.
- He urges avoiding most crypto firms because he can't identify the few that might survive.
Crypto Gains Largely Driven By New Money
- Schiff calls the crypto industry built on hype and likens price gains to money flowing from new buyers to early sellers.
- He warns realized gains for early holders come at the expense of later investors whose money will evaporate when prices implode.