Peter Schiff, a gold advocate and long-time Bitcoin critic, gave a downbeat view of Bitcoin after the US midterm elections. His main point: the market has not fully priced in how political changes could hit crypto. Bitcoin fell about 3% over the past week, but Schiff said the larger sell-off has not started. He spoke on The Peter Schiff Show.
At the time, Bitcoin traded near $75,900. That is close to Strategy’s average purchase cost of $75,500 to $75,600. Schiff also said Bitcoin still moves with technology stocks more than with gold. For him, that undercuts the idea that BTC works as a safe haven.
Election Math and 2028 Risk
Schiff looked back at the 2024 US presidential election. After Donald Trump’s win, Bitcoin first rose modestly, then rallied to $126,000. Schiff thinks a similar move could play out in reverse now. In his view, investors have not grasped what Republican midterm losses could mean for Bitcoin.
He predicted Democrats will win the 2028 presidential race and gain a strong congressional majority. That, he said, would bring a less friendly regulatory climate for Bitcoin and crypto. He also suggested the US might abandon plans to expand its strategic Bitcoin reserve. A Democratic administration in 2029 could even sell the reserve’s Bitcoin regardless of price, he claimed.
The core of his argument is political support. Schiff said Trump-era policies helped draw investor interest to Bitcoin. If that support fades, he thinks market expectations could shift quickly.
Strategy and the Gold Case
Schiff also criticized Michael Saylor’s Strategy. He noted the company has bought Bitcoin for more than six years. At the time of his remarks, BTC was only slightly above Strategy’s average cost. Schiff argued the company would have done better in gold or the S&P 500. He said its Bitcoin returns fell far short of Saylor’s earlier 30% annual gain target.
In the same week, Bitcoin dropped about 3%, while gold rose about 2.75% and silver gained 2%. Schiff tied Bitcoin’s move with the Nasdaq and said that supports his view that BTC is not a safe haven. He expects rising budget deficits, faster inflation, and a weaker dollar to lift demand for gold and silver. His advice to Bitcoin holders was direct: sell BTC and move into physical gold and silver. This is not investment advice.
