Bitcoin Declared in Bear Market by Economist Peter Schiff, Stagflation a Current Reality for U.S. Economy
Peter Schiff, an economist and advocate for gold, shared his views on the U.S. economy and bitcoin through a series of posts on the social media platform X on Wednesday. Despite the recent surge in interest in spot bitcoin exchange-traded funds (ETFs), Schiff stated that bitcoin is clearly in a bear market, pointing out that it has decreased by 23% in dollars and 33% when priced in gold. He emphasized that bitcoin’s value is now less than 25 ounces, suggesting that it is time for bitcoin holders to exit the market.
Schiff has been critical of bitcoin in the past, especially during price declines. He recently declared the end of the bitcoin “fad” as gold prices soared, referring to bitcoin as a massive bubble. Additionally, U.S. spot bitcoin ETFs have seen five consecutive days of outflows, totaling $635 million.
In addition to his views on bitcoin, Schiff has expressed concerns about the U.S. economy. He argued that current economic data provides conclusive evidence that stagflation is not just a future possibility but a reality happening now. Schiff highlighted that the April ISM index showed a significant decline in orders and a surge in prices paid. Furthermore, April job openings reached their lowest level in three years.
Earlier this month, Schiff warned of resurging high inflation and the need for “significant” interest rate hikes. He also criticized the CEO of JPMorgan Chase, Jamie Dimon, for underestimating the challenges faced by the U.S. economy. In a recent update, Schiff stated that it’s “game over” for the Federal Reserve, as long-term interest rates continue to rise, exacerbating the inflation issue.
What are your thoughts on Peter Schiff’s perspective on bitcoin being in a bear market and the U.S. economy facing stagflation? Share your opinions in the comments section below.
