Economist Peter Schiff predicts 'Trump will dump' bitcoin, questioning the weak momentum of this currency amid Donald Trump's increasing election odds.
Peter Schiff sees 'Trump Dump' for Bitcoin
Economist and gold supporter Peter Schiff, known for his skeptical views on bitcoin and fervent support for gold, has shared insights on both assets in light of recent market changes. Posting on social media platform X on October 22, Schiff noted that although the odds of Donald Trump winning the 2024 U.S. election are increasing, bitcoin has not kept pace with the upward momentum seen in other Trump-related assets, such as stocks and real estate.
"Trump trading is happening, but bitcoin is the only Trump asset that isn’t rising. It is widely believed that a Trump victory would benefit bitcoin. So why isn't bitcoin rising along with the odds on Trump?" Schiff wrote, adding:
Perhaps all the speculators have already bought. Get ready for Trump's sell-off.
According to Schiff, speculators may have already bought up BTC, reducing demand, and 'Trump's sell-off' could cause cryptocurrency prices to drop if Trump-related assets eventually decline.
The economist predicts that gold prices will rise sharply, calling this the 'mother of all bull markets for gold.' On October 20, he emphasized that gold has reached record highs, asserting that this increase is due to inflationary pressures driven by central banks. Schiff warns that fiat currencies are continuously depreciating, likely causing more investors to turn to gold, which he views as a safer hedge, saying, 'We are still in the early stages of what could be the mother of all bull markets for gold.'
The rise of gold aligns with Schiff's view that inflation and central bank policies are devaluing fiat currency, potentially making gold a strong investment, even up to $4,000 an ounce. Conversely, he sees the current behavior of bitcoin as a sign that expectations for a bitcoin price surge related to Trump may be misguided, emphasizing his belief in gold as a preferred store of value amid market volatility.