Peter Schiff has filed bankruptcy after Bitcoiners hang up the towel and stopped engaging with his tweets. His firm Schiff Gold stopped getting free marketing, and as a result had a massive decline in sales. Schiff has traditionally done well selling his gold rocks or paper versions of gold rocks in a trying economic environment. His reliance on angering Bitcoiners for marketing seems to have bit him in the butt.
Boomers all over the world seem to have forgotten about Peter Schiff, and millennials are turning to Bitcoin instead of gold. 90% of Millennials and 99% of Zoomers believe that gold is inferior to Bitcoin. As the boomers continue to die off, so does Schiff's customer base. It is only natural that the generation that has handed down such a financial disaster to younger generations, also believes that gold is a viable inflation and taxation hedge.
Schiff's bankruptcy seems to be the canary in the coal mine for the larger gold industry. Young people understand the limitations of owning gold as you cannot smoke it like you can smoke cigarettes, whereas you can write your seed words on rolling papers and smoke them.
Despite the bankruptcy, Schiff is likely in a good position to enjoy a comfortable retirement. Gold hasn't completely collapsed yet, but we look forward to the day it does so we can begin using it more in consumer electronics. The financialization of a shiny rock is old and archaic. It makes no sense in the age of the internet.