Economist Peter Schiff forecasts a “Trump dump” for bitcoin, questioning its weak momentum amid Donald Trump’s rising election odds.
Peter Schiff Sees ‘Trump Dump’ for Bitcoin
Economist and gold advocate Peter Schiff, known for his skeptical view on bitcoin and fervent support of gold, has shared insights on both assets amid recent market shifts. Posting on social media platform X on Oct. 22, Schiff noted that, despite rising odds of a Donald Trump victory in the 2024 U.S. election, bitcoin has not followed the upward momentum seen in other Trump-related assets, such as stocks and real estate.
“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, adding:
Maybe all the speculators have already bought. Get ready for the Trump dump.
According to Schiff, speculators may have already bought up BTC, diminishing demand, and that a “Trump dump” could bring the price of the crypto down if Trump-related assets eventually decline.
The economist predicts a substantial upswing in gold, calling it the “mother of all gold bull markets.” On Oct. 20, he highlighted that gold reached a record high, attributing the rise to inflation pressures fueled by central banks. Schiff warned that fiat currencies are steadily losing value, potentially driving more investors to gold, which he considers a safer hedge, saying, “We are still early in what will likely be the mother of all gold bull markets.”
Gold’s gains align with Schiff’s view that inflation and central bank policies are diminishing fiat value, potentially making gold a strong investment, even as high as $4,000 per ounce. Conversely, he sees bitcoin’s current behavior as a sign that expectations of a Trump-related bitcoin rally may be misplaced, underscoring his belief in gold as the preferable store of value amid market volatility.