Economist and gold advocate Peter Schiff has declared Bitcoin and Ether to be in a bear market, dismissing the notion of a temporary correction. According to Schiff, Bitcoin has dropped 21.6% and Ether 38.3% from their peak values, and he cautions that losses could exceed those seen during the 2000 dot-com crash. Additionally, Schiff expressed concerns about a potential AI bubble burst in the wake of the crypto downturn. Despite these warnings, Bitcoin supporters maintain that its fixed supply, growing institutional adoption, and blockchain applications underpin its long-term value.