Peter Schiff warns of Bitcoin decline amid Trump election odds
Economist and gold advocate Peter Schiff has issued a warning to Bitcoin (CRYPTO:BTC) investors, suggesting that rising odds of a Donald Trump victory in the 2024 U.S. election could lead to a “Trump dump” in Bitcoin’s value.
In a social media post on October 22, Schiff noted that while Trump-related assets such as stocks and real estate have shown upward momentum, Bitcoin has not followed suit.
“The Trump trade is on, yet Bitcoin is the one Trump asset not rallying. It’s widely believed that a Trump win is bullish for Bitcoin. So why isn’t Bitcoin rising along with the betting odds on Trump?” Schiff wrote, questioning Bitcoin’s lagging performance amid market shifts.
He further warned investors, “Maybe all the speculators have already bought. Get ready for the Trump dump.”
Schiff, known for his criticism of cryptocurrencies and strong support for gold, expressed scepticism about Bitcoin’s prospects.
He believes that speculative buying may have exhausted demand, leading to potential price declines if Trump-related assets experience a downturn.
Instead, he sees gold as a safer investment in the current economic landscape.
On October 20, Schiff highlighted gold’s recent record highs, attributing its gains to inflation pressures driven by central banks.
He described this trend as the start of the “mother of all gold bull markets,” warning that fiat currencies are steadily losing value due to central bank policies.
Schiff projected that gold could potentially reach as high as $4,000 per ounce, reinforcing his view that it remains a reliable hedge against inflation.
In contrast, Schiff cautioned against relying on expectations of a Trump-related Bitcoin rally, suggesting that the cryptocurrency’s current behavior may indicate misplaced optimism.
At the time of reporting, the Bitcoin price was $67,717.28.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Visionary or 'financial comedy'? Market participants weigh MicroStrategy's stock premium amid bitcoin buying spree
MicroStrategy, with a market cap of around $85 billion, currently holds 331,200 bitcoin worth about $30 billion.The stock’s 440% year-to-date surge has baffled some financial pundits, while others have cheered its corporate strategy.
Congress’s top priorities this lame duck session
Here’s a look at what lawmakers are most focused on in these final weeks of the 118th Congress
First-ever Dogecoin ETP debuts in Nordics as Elon Musk boosts interest in the crypto asset
BTC breaks through $94,000