'Crypto Trade Is Over,' Warns Peter Schiff as USDC's Circle (CRCL) Loses 71% From IPO
Peter Schiff, a financial commentator and gold expert, criticized the cryptocurrency market, focusing on Circle (CRCL), the USDC stablecoin issuer. Circle's stock saw a 1,000% spike after its June 2025 IPO, reaching $300, but later plummeted to $86.3 by November, including a 32% drop this month. Schiff argued that the 'crypto trade is over,' warning CRCL investors to sell before further losses. While USDC is backed by real dollars, Schiff remains skeptical of its credibility, consistent with his broader critical stance on cryptocurrency.
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Peter Schiff's Latest Critique on Cryptocurrency
Peter Schiff is back at it again, with the cryptocurrency market as the usual object of criticism from the popular financial commentator and gold expert. However, this time, it’s not about Bitcoin, Ethereum, XRP, or any other digital asset, but the stock tied to USDC issuer Circle (CRCL).
Circle’s IPO Performance
Earlier this year, in June 2025, the company behind the second biggest stablecoin became available for its initial public offering on the New York Stock Exchange. Backed by optimism around the sector and such acts as GENIUS, Circle's stock quickly soared to highs around $300 per CRCL stock — a staggering 1,000% return from the IPO price.
The Decline in CRCL Stock Value
However, in the following four months, the price action for Circle's stock met some serious selling pressure. By November 2025, its price dropped to as low as $86.3, with the most severe decline occurring this month, falling by 32%.
Peter Schiff's Warning to Investors
Peter Schiff has now come into the spotlight, citing Circle as an example that suggests the "crypto trade is over." While the stock is still up 25% from its opening in June and even 150% for IPO participants, Schiff warns that investors may face losses if they don't sell the CRCL stock soon.
Schiff's Broader Skepticism Towards Cryptocurrency
While Schiff has not revealed the exact reasons behind his prediction in his latest X post, his critique can be tied to his ongoing rhetoric about cryptocurrencies, which he generally views as "one big gamble." Even though USDC is a stablecoin, backed by real dollars in a real bank, these factors are still not enough to make it a credible asset in Schiff's eyes.