Economist Peter Schiff has spoken out again, and his warning is worth paying attention to. As an accurate predictor of the 2008 financial crisis, Schiff has always been a staunch supporter of gold and holds a cautious attitude towards digital assets. His recent views are more candid: the current economic bubble is more dangerous than in 2008.

Why is that? He points out that the current global debt level far exceeds that of over a decade ago, especially as some major countries' debt models have gone out of control. With interest expense pressures continuously rising, real estate prices are seriously overvalued. More notably, global central banks are quietly reducing their holdings of US Treasuries while significantly increasing their physical gold reserves—this signal is quite telling.

Schiff believes that the next round of crises will be accompanied by severe currency devaluation and a sharp rise in living costs. Inflation is essentially a hidden tax; when policymakers justify inflation through propaganda, governments as the largest debtors can dilute their debt through inflation, but the purchasing power of ordinary people is invisibly eroded. He advocates returning to a prudent monetary system as the long-term healthy path.

Regarding the choice between Bitcoin and gold, Schiff's stance remains clear. He admits that Bitcoin has portability and divisibility, but emphasizes its lack of intrinsic physical value like gold. He believes Bitcoin's price increase depends entirely on market sentiment and a relay effect; once consensus breaks down, the bubble will burst. Conversely, he is promoting gold tokenization, using blockchain technology to convert physical gold into a circulating means of payment.

These viewpoints each have their merits, and market participants need to judge based on their own circumstances. A special reminder is that leveraged trading carries extremely high risks, especially in uncertain market environments, and caution is particularly necessary.