Veteran fund manager sends harsh warning on crypto bankruptcy, layoffs
Gold advocate and long-time crypto critic Peter Schiff has issued another dire warning for digital asset investors, predicting that the “imminent” collapse of Bitcoin (BTC) and Ethereum (ETH) will send shockwaves through the entire industry.
In an Oct. 17 post on X, Schiff wrote that the coming downturn will “obliterate the rest of the altcoin market” and trigger “a wave of bankruptcies, defaults, and layoffs.”
He added that the unfolding correction could expose systemic risks within the crypto sector itself.
Schiff’s comments follow a week-long volatility in the broader crypto market, with market sentiment turning increasingly cautious. On Oct. 10, U.S. President Donald Trump announced on Truth Social that…
