- Peter Schiff said the “Bitcoin trade is over” and repeated long-held criticism of Bitcoin.
- Data from Gold-makes-another-all-time-high”>Bitcoin Deaths shows he has declared Bitcoin “dead” at least 20 times since 2010.
- Schiff highlighted a divergence between Bitcoin and gains in gold and silver, noting Bitcoin’s underperformance versus gold.
- He pointed to market data and his own poll, in which Bitcoin led allocation preferences for a hypothetical locked investment through Dec. 19, 2028.
On Tuesday, Peter Schiff posted on X that “The Bitcoin trade is over.” The comment repeated his long-standing view that Bitcoin lacks intrinsic value and is vulnerable to prolonged declines (see the post on X: https://x.com/PeterSchiff/status/2003600060958085558?s=20). Data from Bitcoin Deaths records at least 20 such declarations by him since 2010.
Bitcoin slipped below $87,000 on Wednesday morning, down about 0.8% in 24 hours. Retail sentiment on social platforms trended as “extremely bearish” over the prior day, while overall chatter remained at normal levels.
In a separate X post, Schiff argued Bitcoin’s recent price action weakens its investment case and contrasted it with gains in tech stocks, gold, and silver (see the post on X: https://x.com/PeterSchiff/status/2003600060958085558?s=20). He asked, “If Bitcoin won’t go up when tech stocks rise, and it won’t go up when gold and silver rise, when will it go up?” and answered, “The answer is: it won’t.”
In another X post, Schiff wrote that gold was approaching $4,500 while Bitcoin struggled around $87,000, adding that Bitcoin was down about 46% when priced in gold from its November 2021 high (see the post on X: https://x.com/PeterSchiff/status/2003433325437026576?s=20). He noted that Michael Saylor’s MSTR began accumulating Bitcoin before that peak; MSTR’s stock is down over 47% this year while Bitcoin’s price has fallen nearly 7%.
Schiff also ran a poll asking how respondents would allocate a hypothetical $100,000 locked until Dec. 19, 2028; Bitcoin led with 63% of responses (poll: https://x.com/PeterSchiff/status/2002771281742336157?s=20).
Definitions: Retail sentiment — a measure of individual investor mood on social platforms. Priced in gold — expressing an asset’s value relative to the price of gold.
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