Peter Schiff says the next major market crash will begin in the bond market, not in Bitcoin (BTC). The longtime gold proponent argues that rising U.S. Treasury yields, not crypto volatility, pose the real threat to global markets.

On his latest podcast, Schiff warned that a breakdown in Treasuries could ripple through stocks, housing, and cryptocurrencies. He expects investors to eventually flee into gold as those risk assets unwind together.

Why Schiff Says the Market Crash Starts With Bonds

The warning centers on a bond market that Schiff says has already begun to break. The 10-year Treasury yield sits near 4.5%, while the 30-year has climbed toward…