[2024-10-27] Peter Schiff Warns Bitcoin Investors: 'Get Ready for the Trump Dump

[chmod755]

Peter Schiff Warns Bitcoin Investors: 'Get Ready for the Trump Dump'

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.

Source: https://news.bitcoin.com/peter-schiff-warns-bitcoin-investors-get-ready-for-the-trump-dump/

[mindrust]

Peter Schiff has been singing the same old song since btc was $1000 and he will keep singing it for a long time. Eventually he will become right as even a broken clock gets the time right twice a day and we are all dead in the long run, so btc won’t survive forever either we all know that but the point is he missed the moon train and now he is jelly as fuck and can’t stop talking about bitcoin.

Are the investors fed with bitcoin? No effin way that’s right. The investors can’t get enough of bitcoin. The more they bit, the more these bitcoins taste better. Is he even aware there are only 21 million of these coins in existence? Somebody should remind him this fact because obviously he is not getting his facts straight.

[Charles-Tim]

People should not mind Peter Schiff. Everything he has been saying about bitcoin as be disappointing in long term. He has said bitcoin price will go to $0 but bitcoin price got to all-time high several time after the has said it many time in the past.

Peter Schiff has never said anything good about bitcoin before. Everything he said about bitcoin before has been bad but bitcoin remain a very good asset.

If Trump won, bitcoin will still rise. If Harris won, bitcoin will still later rise in long term. That is what that is good about bitcoin. It is a deflationary asset and in long term, it will rise as it did in the past.

[Saint-loup]

It just shows what we all already know, Bitcoin market is highly volatil and speculated, and not a mature market, so the price doesn't follow the trend of the other asset, it stays decorrelated as usual. So it could dump if Trump won the POTUS election thanks to a "buy the rumor, sell the news" effect or if Kamala won because of because of a disappointment of the market players. But it could also unexpectedly rise or just stay flat without notice, so it's better to stay cautious when a surprising behavior is observed.

[PrivacyG]

No thing new to see.  Just Schiff going at it with the skepticism and calling out a Bitcoin dump yet again.  This will be funny to read again months later if Bitcoin shoots through an All Time High.

How many times will this guy humiliate himself before he finally understands Bitcoin out smarted him?

[Argoo]

It just shows what we all already know, Bitcoin market is highly volatil and speculated, and not a mature market, so the price doesn't follow the trend of the other asset, it stays decorrelated as usual. So it could dump if Trump won the POTUS election thanks to a "buy the rumor, sell the news" effect or if Kamala won because of because of a disappointment of the market players. But it could also unexpectedly rise or just stay flat without notice, so it's better to stay cautious when a surprising behavior is observed.

I agree with the statement that Bitcoin will still grow in price in the long term, regardless of who wins the US presidential election. These elections will officially take place tomorrow, although about 75 million Americans have already voted early. According to recent forecasts, Kamala Harris will win. But Trump will again not accept the loss, and this time an armed struggle may begin in the country. It may end with both candidates not getting the presidential seat.
We will see how events will unfold in the near future.

[Saint-loup]

Finally Peter Schiff was wrong about Bitcoin price another time, because there hasn't been any "Trump Dump" movement but a Trump bull run instead. He's now claiming that people are foolishly betting on Trump as a Bitcoin POTUS but they are wrong according to him because Trump will break this promise among others. We'll see because now he has Elon Musk as a close friend and informal advisor, and his 3 sons are managing a crypto "Defi" platform, I don't think he will stay away from this matter anymore.

#Bitcoin may have hit a record high in dollars, but it's still about 27% below its record high in #gold. It's rising despite the spike in the dollar and jump in bond yields, as speculators bet #Trump will be the Bitcoin president. That's one of several promises Trump will break.

https://x.com/PeterSchiff/status/1854004554951778690

[mindrust]

He should rename his last name to "Wrong". Peter Wrong sounds a lot better than Peter Schiff  but I've seen people calling him Peter Schitt which is also quite good. Once again he was wrong and his followers lost money. Because they listened to Peter Schitt they missed the biggest bull run in bitcoin's history probably.

Look how DOGE is doing, it made 90% in a week. What the fuck? In a fucking week and 90%.

It was 12 cents just a few days ago and now it is above 27 cents.

To the m^oon

[Saint-loup]

Not Doge only, other cryptos have even performed better than that, this bull market has boosted the almost overall crypto ecosystem actually, if you look closely at the YTD ROI %, you will see this that most coins of the cryptoverse are currently widely green, especially those belonging to the large cap category. I don't know what will happen to the others to be honest, some of them will certainly catch up with the others and others will certainly fall even lower, but they are certainly some good opportunities to try.

[nykrym]

Hi! I’d love to hear your thoughts on the article about the Trump token. link It's an interesting read about its price fluctuations, current value, and future prospects.

[BenCodie]

People should not mind Peter Schiff. Everything he has been saying about bitcoin as be disappointing in long term. He has said bitcoin price will go to $0 but bitcoin price got to all-time high several time after the has said it many time in the past.

Peter Schiff has never said anything good about bitcoin before. Everything he said about bitcoin before has been bad but bitcoin remain a very good asset.

If Trump won, bitcoin will still rise. If Harris won, bitcoin will still later rise in long term. That is what that is good about bitcoin. It is a deflationary asset and in long term, it will rise as it did in the past.

Peter Schiff has been singing the same old song since btc was $1000 and he will keep singing it for a long time. Eventually he will become right as even a broken clock gets the time right twice a day and we are all dead in the long run, so btc won’t survive forever either we all know that but the point is he missed the moon train and now he is jelly as fuck and can’t stop talking about bitcoin.

Are the investors fed with bitcoin? No effin way that’s right. The investors can’t get enough of bitcoin. The more they bit, the more these bitcoins taste better. Is he even aware there are only 21 million of these coins in existence? Somebody should remind him this fact because obviously he is not getting his facts straight.

Peter Schiff being the "boy who cried wolf" for the past few years is all the more reason why this time he might be right in my opinion. I do believe that Gold is definitely overdue for a rally and a financial crash will probably cause it to rally, as it has in past depressions/major crashes. That crash might take risk-on assets like Bitcoin down with it temporarily/in the immediate term before it starts its next run (as it happened in 2020 with COVID, an event that initially took Bitcoin down before it went on its 2020-21 bull run).

The fact that retail and institutional investors "can't get enough of Bitcoin" is all the more reason for an event that would transfer that large amount of liquidity and wealth to the hands of someone who is able to orchestrate a crash. Behold, Trump's great swindle.

Obviously this is speculation, though this is how I think.