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Peter Schiff Finds the “Final Pin” for the Bitcoin Bubble. Again
Peter Schiff says the Bitcoin bubble, not the AI bubble, is the real danger, and urges holders to sell as BTC gives back its midterm gains.
Brief
Gold advocate Peter Schiff, a longtime Bitcoin critic, says the US midterm vote delivered the final blow to the cryptocurrency's bubble. As AI shares fell, he told holders on Thursday to sell right away, arguing AI has real worth while Bitcoin has none. Schiff later called Donald Trump the Bitcoin president, saying whatever hurts Trump also hurts Bitcoin. A commenter countered that both parties oppose data centers, so the AI slump cannot be blamed on politics alone. Bitcoin slid to about $75,500 by Thursday after its post-election rally reversed, while US spot Bitcoin ETFs still drew $74.6 million in fresh inflows the day after the vote. Elizabeth Warren, a prominent crypto critic, is set to chair Senate Banking in January, when a Democratic Congress takes office.
Why it matters: The dispute links political outcomes and the AI stock selloff to Bitcoin's price, a connection that shapes how readers weigh crypto's risks.
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