- Despite the recent spike in interest in spot bitcoin exchange-traded funds (ETFs), economist and gold supporter Peter Schiff has declared that bitcoin is in a bear market.
- Furthermore, he issued a warning, citing solid statistics showing that stagflation is “already a current reality” rather than just a theoretical possibility for the US economy.
Peter Schiff on the US economy facing stagflation and the bear market for bitcoin
A gold bug and an economist On Wednesday, Peter Schiff shared his thoughts on bitcoin and the US economy through a series of tweets on the social media platform X. addressing the news that, despite significant inflows into spot bitcoin exchange-traded funds (ETFs) in recent months, the price of bitcoin fell below $57K on Wednesday.
“Turn out the lights HODLers, the party is over,” he said, pointing out that BTC is “down 23% in dollars, but 33% priced in gold, with one bitcoin now worth fewer than 25 ounces.”
Schiff has been critical of bitcoin after price drops on several occasions. He called Bitcoin a massive bubble and declared the end of the “fad” earlier this month, coinciding with a spike in gold prices. Furthermore, outflows of $635 million have occurred in five days in a row from U.S. spot bitcoin ETFs.
Orders fell and pay prices surged in April’s ISM, which collapsed. He went on to say that in April, job vacancies fell to the lowest level in three years.
Schiff issued a warning earlier this month, stating that “significant” interest rate hikes are required and that high inflation is returning “with a vengeance.” Additionally, he chastised Jamie Dimon, the CEO of JPMorgan Chase, for underestimating the difficulties facing the American economy.
He said in a recent update: “The Fed’s game is over.” Long-term interest rates are still rising despite expectations of Fed rate reduction. This will make the problem of inflation worse, which is good news for gold but bad news for bonds.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
