Peter Schiff on Sunday said Bitcoin’s (CRYPTO: BTC) refusal to crash has caught him off guard, even as he still expects the token to hit new lows.
Why Bitcoin Held Up While Gold Reversed Schiff told The Wolf Of All Streets podcast that gold and Bitcoin both rallied on the same debasement-trade narrative after Treasury Secretary Scott Bessent announced bond buybacks, but only one asset kept its gains.
Gold ran from $4,000 to roughly $5,500, then fell back near $4,000. Hawkish Fed comments on inflation briefly pushed it to $4,600 to $4,700 before it slid right back down.
Meanwhile, Bitcoin traded near $60,000 before that same Fed news and now sits around $85,000, holding onto most of its gains instead of giving them back the way gold did.
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“I don’t really know what’s holding it up,” Schiff said, adding that he still expects Bitcoin to “make new lows” eventually, he just thought it would have happened by now.
Why Schiff Still Expects Bitcoin to Fall Schiff credited Bitcoin’s strength to the same forces driving the Magnificent Seven tech rally rather than genuine demand for a debasement hedge.
He pointed out that Bitcoin rallied, went sideways, then rallied again instead of breaking ...