Veteran Bitcoin critic and gold advocate Peter Schiff urged investors to exit the leading cryptocurrency, telling holders to “get the hell out” in a new interview published by Bitcoin Magazine on November 12, 2026.

Schiff, a stockbroker and financial commentator who has dismissed Bitcoin for more than a decade while championing gold, made the remarks after being challenged on why two or three down years would matter for Bitcoin, given that gold and the Nasdaq have both endured similar losing streaks before recovering. The difference, he argued, is the backdrop: when a market cannot go up on the best news it has ever had, that normally indicates that it is going to go down.

He dismissed Bitcoin as “all hype,” asserting that the asset has no intrinsic value, generates no income, and pays no dividends. Much of the supply, he said, now sits with ETF investors and Bitcoin treasury companies rather than with people who want to use it as money. Those two channels — spot Bitcoin ETFs, which the U.S. Securities and Exchange Commission approved in January 2024, and publicly listed companies that hold Bitcoin on their balance sheets — have become major conduits for institutional money in recent years, and they are precisely the holders Schiff now casts as sources of selling pressure. All of that hot money, he warned, is going to exit, and the market will go down faster than it went up, setting the stage for what he expects to be a massive washout.

Even long-term bulls, Schiff added, will have cheaper opportunities to buy once leveraged speculators are cleared out. In his view, this is not the time to be “hodling” — crypto slang for holding through drawdowns regardless of price action.

Rate Hikes, Money Supply, and Gold

The wide-ranging conversation covered several macro themes. Schiff argued that NVIDIA CEO Jensen Huang — whose chipmaker’s GPUs have underpinned much of the artificial intelligence build-out — is not the pin that pricks the AI trade, contending that rate hikes have come too little, too late, and that the money supply is still expanding too fast — a situation he framed as requiring “monetary rehab.” In his assessment, the Federal Reserve cannot do the right thing.

On gold, Schiff maintained that traders have the recent sell-off wrong, saying the metal is “going through the roof.” The defense of gold is a familiar stance for Schiff, whose investment outlook has centered on precious metals for decades, placing his remarks within a long-running gold-versus-Bitcoin debate. He also characterized Bitcoin as a “Trump trade,” pointing to what he described as the best news Bitcoin has ever had being accompanied by a falling price. The label points back to the rally that followed Donald Trump’s 2024 election victory, after which his administration positioned itself as supportive of the industry, including the creation of a U.S. strategic Bitcoin reserve in March 2025.

“The Party’s Over for Bitcoin”

Summing up his outlook, Schiff declared that the party is over for Bitcoin, reiterating that a market unable to rise on good news is positioned to fall, and repeating his expectation of a massive washout ahead.

With ETFs and treasury companies now holding a significant share of the supply, their flows have become among the most closely watched gauges of institutional positioning in the asset — the same channels through which Schiff expects the exit to run.

The full discussion is available on the Bitcoin Magazine YouTube channel. This article, “Peter Schiff on the Bitcoin Crash: ‘Get the Hell Out,’” first appeared on Bitcoin Magazine and is written by Patrick Green.

Disclaimer: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in the show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments, and viewers should consult their own advisors before making financial or business decisions.