Peter Schiff says the next big market crash will start in the stock market, not in Bitcoin (BTC). A long-time supporter of gold says that rising US Treasury yields, not crypto volatility, is driving global markets.
On his latest podcast, Schiff warned that the collapse of Treasuries could extend beyond stocks, real estate, and cryptocurrencies. They expect investors to flee to gold as risk factors consolidate.
Why Schiff Says Market Crash Starts With Bonds
The warning zone in the bond market that Schiff says is already starting to crack. The 10-year Treasury yield is around 4.5%, while the 30-year has risen to 5%, according to the Treasury. figures. He expects both of them to go higher.
Rising yields raise the cost of borrowing everywhere. Schiff says this could pressure stocks, exacerbate housing affordability, and slow growth. The average 30-year mortgage is already at 6.49%, according to Freddie Mac weekly. researcha level that keeps many buyers away.
A deep housing slump will force the Federal Reserve to step in, he says. This would mean more money printing and higher inflation.
All the results, in his opinion, favor the precious metals. Gold is now trading above $4,100 an ounce, after a subsequent recovery dropped below $4,000 in June.
Why They Say Bitcoin Will Never Be Abandoned
Bitcoin has fared better than many of Schiff’s critics expected. A symbol sales of approximately $64,200which has a market cap of about $1.29 trillion. Even so, it is about 49% below its record of $126,080 from October 2025.
This decline, Schiff argues, already shows Bitcoin is no longer a safe haven. They expect to fall more when stocks fall, rather than stabilize like gold.
“Although I believe that when tech stocks go down, Bitcoin goes along. It doesn’t go up when tech stocks go up. But when stocks go down, they go down a lot,” he said. he said in the podcast.
He also questions Wall Street’s public outlook. Major banks still have plans for Bitcoin, however the Strategy’s weakness favorite parts suggests that investors are secretly suspicious of those calls.
The pressure runs deep on MicroStrategy itself. Michael Saylor’s firm is the owner of the largest company, with more than 840,000 BTC.
It has started selling Bitcoin to pay for those securities. Schiff has long warned that the brand could be rocked, including controversial calls a large decrease up to $20,000.
“I believe the precious metals market is preparing for a big upswing and the market is preparing for a big downswing,” he said.
Whether the bond market will break as predicted cannot be certain. Most analysts still expect yields to decline as inflation eases.
Meanwhile, his decision gives investors a clear signal to watch. The next few weeks of Treasury moves can be testing.
A note Peter Schiff Says The Biggest Market Crash Won’t Start With Bitcoin, But Here appeared for the first time BeInCrypto.
