Peter Schiff Expresses Surprise Over Bitcoin Resilience But Maintains Bearish Outlook

Prominent gold proponent Peter Schiff acknowledged unexpected resilience in Bitcoin (BTC), noting that the digital asset retained significant gains following government intervention while gold pulled back. Both assets experienced price increases after the Treasury Department announced plans to double its long-dated bond buybacks to at least $4 billion per operation. Bitcoin traded near $60,000 prior to the announcement before advancing toward $85,000, and currently sits around $83,790. In contrast, gold surged to roughly $4,700 before retracing toward $4,000.

Despite the holding pattern, Schiff maintains a negative long-term view on the cryptocurrency, predicting it will eventually retreat to new low levels. He attributed recent price strength to broader momentum in large-cap technology equities rather than fundamental strength. Additionally, Schiff characterized recent token purchases by Strategy (MSTR) as superficial, pointing out that the corporate holder had previously sold assets to meet preferred stock dividend obligations before resuming minor purchases.

Investors are closely tracking upcoming regulatory and political developments ahead of the midterm elections on November 3. Schiff warned that political polarization could create legislative obstacles, suggesting that a Democratic majority in Congress might impose stricter oversight on digital assets. He also expressed opposition to potential government initiatives such as establishing a strategic Bitcoin reserve, advocating instead for federal neutrality toward the sector.