Gold enthusiast and renowned bitcoin sceptic, Peter Schiff, has recently forecasted a looming bubble burst for bitcoin exchange-traded funds (ETFs), attributing the expected crash to an anticipated rally in gold prices.

Schiff predicts that gold's inevitable breakout will lead to a significant shift in investor preference, moving away from bitcoin ETFs and consequently causing bitcoin prices to plummet.

He emphasises that the current investment climate has morphed bitcoin into a counter-gold asset, suggesting a direct competition between the two.

Schiff's analysis points to a future where a resurgence in gold value could undermine the stability and appeal of bitcoin ETFs, potentially causing a notable downturn in the cryptocurrency market.